Why Wash Post's Dana Milbank is the Fed's Ultimate Lapdog; Plus, Correction of the Decade!

Miami Herald columnist and Reason contributor Glenn Garvin takes a look at the Washington Post's Dana Milbank and his bizarro coverage of the Federal Reserve:

When it comes to the Fed, the press plays more like one of those toy poodles that sits in your lap. Just last week, Washington Post columnist Dana Milbank, who regularly entertains readers with his astounding ability to insert his head further up the digestive tract of the inside-the-beltway establishment than anyone ever thought possible, reached new heights in a paean to the Fed. “Bernanke’s Fed has been a model of good government: apolitical, efficient, brutally effective — and transparent,” Milbank wrote.

If, by transparent, Milbank meant “somewhat more open to public inspection than the space-alien cemetery in Area 51,” he has an arguable case. Otherwise, he’s suffering from journalistic dementia. The Fed has been the most compulsively furtive part of the U.S. government since the plans for it were hatched during a secret 1910 meeting of powerful bankers and Taft administration officials on a private island....

“The Fed is so inscrutable that big banks employ PhDs whose entire lives are dedicated to trying to figure out what the Fed is doing,” says Johns Hopkins economist Steve H. Hanke, himself a venerable reader of Fed tea leaves....

Bernanke has fought like a tiger to keep the Fed shielded from the prying eyes of the American peasantry. When Bloomberg News and Fox News filed Freedom of Information Act requests to find out exactly how much money the Fed spent on bailouts after the 2008 financial meltdown and to whom it went, Bernanke stonewalled them for two years before a court order forced him to comply. He also battled ferociously against a proposal for an audit of the Fed proposed by a couple of strange ideological bedfellows — socialist Sen. Bernie Sanders and libertarian GOP Rep. Ron Paul — united by their disgust at the Fed’s stealth policy-making.

When the Occupy movement and the tea party agree on something, maybe the rest of us ought to pay attention.

Read more here.

Garvin's recent work generated what just may be the greatest correction of the decade so far:

A column by Glenn Garvin on Dec. 20 stated that the National Science Foundation “funded a study on Jell-o wrestling at the South Pole.” That is incorrect. The event took place during off-duty hours without NSF permission and did not involve taxpayer funds.

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  • Rev. Blue Moon ||

    Garvin's recent work generaeted what just may be the greatest correction of the decade so far:

    You don't need the "so far". We know there is a future.

  • Citizen Nothing||

    I wish I could be as sure as you, Rev.

  • Rev. Blue Moon ||

    I knew that this would get all metaphysical and shit...

    It occurs to me that if the world ended right now, the statement still does not need the "so far".

  • Amakudari||

    Without the "so far" it adds the nuance that the next 8-ish years will not produce any more interesting corrections.

    I prefer "the young decade," in any case. I'm writing a strongly worded letter to the editor as we speak.

  • Sudden||

    Moreover, perhaps Gillespie is telling us that he is a precog.

  • Baby Boomer||

    We know there is a future.

    What is this 'future' you speak of? Will it include us?

  • Barack Obama||

    Let me be clear: not if I can help it.

  • ||

    Unfortunately...

  • ||

    You don't need the "so far". We know there is a future.

    Are we so sure?

    Just because there has always been a future does not mean there always will be one...

    Modern physicists say the universe began as nothing and for no explicable reason at all suddenly became everything...putting aside how this is complete and utter BULLSHIT!!!...if we are to swallow that piece of manure why not make it symmetrical and say that at any time the universe and everything will suddenly and inexplicably will become nothing.

  • cathrine||

    looking for the bilover?---datebi*cO'm--- is a site for bisexual and bicurious singles and friends.Here you can find hundred of thousands of open-minded singles & couples looking to explore their bisexuality.sign up for free.

  • Alan Vanneman||

    Who funded Glenn's beard? That's the guy I want to see fired.

  • Rev. Blue Moon ||

    Sherlock Holmes and The Study in Fur.

  • Tim||

    It was a grassroots effort.

  • alt-alt-text||

  • ||

    The Fed has been audited by Deloitte for many years and the audit has consistently been made public.

    http://www.federalreserve.gov/.....mt2009.pdf

    (2009 audit .pdf).

    "Audit the Fed" is so misnamed it is laughable.

  • Tim||

    You denounce Bernie Sanders then?

  • ||

    Of course. But he did have the conviction to vote for the "Audit the Fed" bill and Ron Paul eventually voted 'no'.

    I have no use for Sanders. I do like Leahy though.

  • Tim||

    Leahy's a populist.

  • ||

    That is not a complete audit dipshit.

    The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

    Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.

    http://www.sanders.senate.gov/.....060dcbb3c3

    Can you stop stealing oxygen shrike?

  • ||

    Now you have become a Sanders fan?

    That report is flawed as all hell. There was never $16 trillion in emergency loans. For accounting purposes they took a single overnight loan of $1 billion rolled over for 30 days as $30 billion in loans (the interest rate would change).

    Also no foreign banks were provided loans. Royal Bank of Scotland is a US chartered bank only headquartered in Scotland.

    Ron Paul got torched in his big monetary policy meeting with the Fed last summer. They made him look foolish as they explained simple US statute to him.

  • ||

    I am not a Sanders. But I am not a nut like you who disbelieves anything that goes against my prejudices. And I don't even have it out for the Fed.

    But the report says what it says. And I find it hard to believe the GAO was out to get the FED. And further the FED clearly has something to hide or it wouldn't have ignored the FOIA requests.

    And yes, 30 one billion dollar loans is still thirty billion dollars in loans you fucking half wit.

    The audit the FED bill was not some made up thing. The FED had never effectively audited and all of the things found in the GAO audit had never been made public.

  • ||

    No credible economist gave a fuck about this GAO report because they know what I know. Loans are loans - they post collateral and pay interest. Who cares?

    And yes, the Fed did hide info and admitted it. If a bank is in serious trouble and hits the window the market should not know. The shorts will destroy the bank before the Fed loans can benefit them thereby worsening a credit crisis.

  • ||

    And yes, the Fed did hide info and admitted it. If a bank is in serious trouble and hits the window the market should not know.

    Because the last thing we would ever want is for the market to make an informed decision. Think about what you are saying here.

    And loans are aid. Shit TARP was a loan too in many cases. By your logic TARP wasn't even aid. The Fed wasn't created to loan money at below market interest rates to foreign banks.

  • Gojira||

    Shrike, when you have me nodding in sage agreement with John through an entire post, you know you're just fucking wrong.

  • ||

    The Fed is lender of last resort. The system worked as planned in the greatest credit crash of all time. Taxpayers earned over $200 billion in interest from Fed activity.

    No one "stole" a fucking dollar and Sanders is wrong to shit on the loan process.

  • ||

    The Fed is lender of last resort.

    Not for the entire world. And when they loan money at below market interest rate, that is just like giving away the difference between the fed rate and the market rate.

  • ||

    The Fed is lender of last resort.

    I thought the FED's purpose was to beat the business cycle?

    We are now 3 years into a decade long depression with the FED pulling all the levers it has the whole time...how is that working out?

    10% unemployment, no recovery until 2018...CBO says what?

  • Bernanke's Bottom Bitch||

    Fed, you are so wise and kind and always know what to say. You know when a bitch needs some cash flow, and you know when you best hold on to it. I love you so, and I know that when you slap me it is only because I've been a stupid whore.

    love, Shrike

  • ||

    Sounds pretty rock solid to me dude Oh yeah!

    www.puter-privacy.tk

  • ||

    Rock solid, just like the Fed!

  • Ska||

    Is that top pic from an amateur remake of Old School? Millbank makes one hell of a Dean Pritchard.

  • ||

    No references to Fred Garvin, Male Prostitute. 'Tis a sad commentary.

  • CE||

    The event took place during off-duty hours without NSF permission and did not involve taxpayer funds.

    What event too place during off-duty hours? The wrestling, or the study?

  • Ed Zacharias||

    Dana Milbank:

    Power-worshipper first
    Team Blue Cheerleader second
    Elementary School essay contest entrant third
    All-around douche-nozzle 24/7

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