Bloomberg News Sues The Government For Transparency

There is no doubt that lack of transparency has contributed greatly to this crisis. That extends to government, lobbying efforts, bank solvency, derivatives and a host of other examples that are really concentrated in the banking system and corporatacracy. I have a post that delves into transparency that will be up before the end of the year so I'll keep this brief.

Finally we get a news source interested in the truth. Bloomberg is suing the government for access to information on what institutions are accessing the Federal Reserve's lending facilities. It is quite unbelievable that this information is not being shared but it's really symptomatic of the environment we are in. The Fed misguidely believes transparency could create bank runs so they want to hide the fact the banking system is insolvent. Yet, we already know that. Lack of accountability and deceit is a driver for this problem. Perpetuating this environment does nothing to resolve it. If the government would force transparency into the banking system, we could identify the risks and start to deal with them as a society. Ideas would come forth to solve this if we could define the issue.

Let's hope Bloomberg succeeds in their efforts. Part of fixing this crisis is again making government work for the people and not for special interests.