"If the Fed examiners were set upon the Fed's own documents—unlabeled documents—to pass judgment on the Fed's capacity to survive the difficulties it faces in credit, it would shut this institution down," he said. "The Fed is undercapitalized in a way that Citicorp is undercapitalized."
This guy is not a "nobody" either - he's a major force in the bond market, editor of a very well-recognized publication since 1983. Ignore him at your peril.
Yeah, I know, The Fed issued some new disclosure today. It of course shows them "well-capitalized". So did Bear Stearns' financials, so did Lehman. All were dependent on ratings issued by.... who again? And the models are provided by who again? Not the same folks who were so dramatically wrong about virtually every credit class over the last two years, right?
But even though the Fed Is Dead do you really think The Obamageddon would ever allow it to be audited ahaha why do you think the usurper was allowed to take power?
He was bought and paid for as a junior senator and (tax cheat tims buddies he is protecting) Citi was the top contributor to the obinations inaugeration and of course All Hail the Smelly Ones backers Government Sachs and now The Fed wants even more from you. So even as chorus calls go into the Senate and House to Audit the Dead Fed he will never allow that to happen.
The Fed didn’t mention a tougher measure, also nonbinding, sponsored by independent Senator Bernard Sanders of Vermont, which called on the Fed to identify borrowers. The measure passed 59-39 on the same day. Bloomberg News filed a lawsuit against the Fed in November seeking the names of borrowers.