Without transparency, we're in big trouble

I have an easier time justifying to myself the bailout package than I do justifying the various proposals of stimulus packages. But all bets are off if the Federal Reserve and Treasury are not required to report their actions for public consumption. This Bloomberg article details a lawsuit in which Bloomberg News is suing in "U.S. court today to force the Federal Reserve to disclose securities the central bank is accepting on behalf of American taxpayers as collateral for $1.5 trillion of loans to banks." The Fed is resisting. We are in big trouble if the implementation of the many hundreds of billions of bailout dollars (over and above the $700 billion bailout package) do not have to be disclosed.

(Thanks to Scott Condie for a reference to this article.)