295 co-sponsors in the house. they can’t all be “morons at zerohedge,” can they?

Yes, the Fed by charter does not profit from their efforts, retaining what, 6% of all earnings? Which, if you think about the numbers involved, is still a pretty huge amount. Nonetheless, they also pass on any losses they may incur to the Treasury. That is the crux of the issue, IMO.

You want taxation without representation, this is it.

http://www.federalreserve.gov/releases/h41/20081023/

Maybe another $4.7 billion in the Extended Stay bankruptcy.

http://www.calculatedriskblog.com/2009/06/federal-reserve-appears-to-be-big-loser.html

We can only guess at the losses in the $1+ trillion portfolio of agency MBS they’ve bought in the past year. If marked to market price (which no longer exists without the Fed’s purchases), would the losses dwarf your fiscal year earnings for the Fed?

one could also say that most addicts (whether to drugs, alcohol, obsession, neurosis, or any other behavioral choice,), do not want to reveal the truth about their illness because of the pain they would go through to address it. better to keep it secret, avoid the stigma, and keep the appearances (our currency) up. perhaps at times that logic works, but it seems to me that we need to pay the financial piper if we have a chance of getting through this financial mess. recreational use is one thing, we are now official addicts. we have (in)voluntarily gone into debt to solve our debt and credit crisis thanks to the fed, paulson and geithner to name three. a little like taking some more dope to take care of the pain of withdrawl.

the commentary seems to have as a second underlying logic pillar that “we the people” need to pay for the private folly so that we can keep appearances (the dollar) up. perhaps we (some of us) disagree.

let the institutions fail. protect the depositors, and perhaps, partially, some of the pension funds and other investment companies that invest for people and their retirements. start again. fire the managers. properly managed, forest gump can invest better than the geniuses that have been doing so for so long. perhaps we can set up training for them to learn how to ask if someone wants fries with their burger in a polite tone. at least they will not be hurting others with their utter disregard for the welfare of their clients when managing their retirement money.

it might even be cheaper. all of this mess has come from the financial industry mounting a decades long campaign for deregulation. they got their wish and now we must pay for the (their) bad result. transparency, and regulation, as unpalatable as it is, seems to be the compromise solution since uncle sam goldman has shown us where deregulation ultimately leads. we are all “kept” by the new oligarchs.

lets try transparency. let’s have all the congresspersons attach a list of all their contributors whenever they sponsor a bill. at least we can know who is talking. i love my country, i do not trust, so much, my government

Just another American moron.