Tuesday, May 12, 2009

Pot shocked by darkness of kettle

Picked this up from Rational Capitalist.

It is incredibly shocking that the agency charged with oversight of the Federal Reserve has no clue how it's spending the one trillion dollars it just added to its balance sheet. On the other hand, there's a bit of Pot v. Kettle about Congress chiding the Fed for spending money with reckless abandon. They wrote the president a blank check with the TARP funds, and have abdicated any responsibility for how that money is being spent. Who is going to investigate them for that, and when?

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