The "Commentary" by David Reilly (Bloomberg) that "The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all," is a "giant leap" in acknowledgment. One might be tempted to stop after that opening, based upona resounding "Ya THINK?" But Reilly's later observation that "the New York Fed is a quasi-governmental institution that isn’t subject to citizen intrusions such as freedom of information requests, unlike the Federal Reserve", requires additional response. Reilly could learn a bit from those "conspiracy theorists".
Because there's no way that rhetoric will convince Reilly of the error of his observation, I suggest that anyone and everyone that reads this (and his article) send Reilly an email at email@example.com, suggesting he submit a FOIA Request to the (no, it's not) Federal (and there's no) Reserve.
In fairness, Reilly does reveal (for the .001% of Americans who might actually pay attention) that Tim Geithner's decision to have the New York Fed make sure that Goldfinger " received 100 cents on the dollar for contracts that would have been worth far less", and does fall right in line with his nexte observation: "It’s as though the New York Fed was a black-ops outfit for [the Fed]".
But whatever small amount of praise Reilly might deserve is far outweighed by his "I’m not saying Congress should be meddling in interest-rate decisions, or micro-managing bank regulation", demonstrating his absolute ignorance of the issue.
Congress has the Constitutional authority - indeed, the Duty - "to coin money and regulate the value thereof". It's not "meddling", David. It's their responsibility.
But then, Bloomberg wouldn't wanna piss of Goldfinger, would he?
Secret Banking Cabal Emerges From AIG Shadows: David Reilly