I’m not what you would call “political” here on the animal farm. I got no interest in the trepanning that goes on at the 24/7 tailgate outside the Fletcher Memorial Home. But in an effort to expand the scope of this here blog – and inspired by thoughts of how bad ass it would be if Big Ben took a cue from Lemmy Kilmister and lost the chin hair and maybe gained a face wart or two – I’m going to don my Gacy costume and crash fashionably in an ice cream truck blaring Bob Goulet’s greatest hits with the words “It’s Fuh-Fuh-Fundy-Mental Time!” painted in sheep’s blood on the side.
As traders, we regularly find ourselves at the mercy and whim of the Fed. Yesterday’s “unprecedented” waste of time added a fresh news event that didn’t suggest the needle might be coming out of the arm anytime soon, prompting a run for over a point on the SPY, no surprise there.
But if you paid close attention to the Q&A, Ben makes it a point to fluff their willingness to experiment with transparency and accountability. Here’s the clip of what I’m referring to, in case you missed it:
Afterwards, my site admin made it a point to chime in on it in his typical fashion. If you don’t know my site, the guy is a straight information junkie who will pull the most obscure facts about anything and everything straight out of his ass. And the second you think its some foil hat nutter butter he’ll stab you in the brain with official source links to back it up. I discussed it in detail with him afterwards and he highlighted for me an excellent point. If Ben and the fabulous Fed are indeed serious, they need only endorse the removal of a single word from the law. No shit. One word stands between the past 97 years of cloak-and-dagger and a new dawn of Bernankey Panky sunshine blotter banking.
Check it out:
Audits of the Federal Reserve Board and Federal reserve banks may not include -
(1) transactions for or with a foreign central bank, government
of a foreign country, or nonprivate international financing
(2) deliberations, decisions, or actions on monetary policy
matters, including discount window operations, reserves of member
banks, securities credit, interest on deposits, and open market
(3) transactions made under the direction of the Federal Open
Market Committee; or
(4) a part of a discussion or communication among or between
members of the Board of Governors and officers and employees of
the Federal Reserve System related to clauses (1)-(3) of this
- from 31USC§714
Will this ever happen? Let’s just say we’ve got a better chance of Martha Stewart taking inspiration from how she’s portrayed on South Park and applying it to a Showtime After Hours performance art showcase.