Thanks to tremendous public pressure and the recently passed Wall Street reform bill, the U.S. Federal Reserve was forced to reveal the details of its emergency bailout of the financial sector for the first time yesterday.
Reading deficit reduction plans can be tricky. They must be read carefully and completely; it is easy to hide wolves and sheep in the skin of the other by using a few of the devices budget wonks have in their gimmick collections.
Well, we did it! We got an independent audit of the Federal Reserve ready for the President's signature. But if you happened to read Rupert Murdoch's Wall Street Journal on May 7, 2010, you would have heard a different story.
Washington has tied itself in knots trying to find a way to thwart "too big to fail" without cutting megabanks down to size. It can't be done. When something is too big, the solution is to make it smaller.