It's morning in America

The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.

For those of you out there who still think the myriad of bailout plans that have been approved and those which remain out there for consideration are a good thing because “we had to do something”… enjoy your steaming bowl of something with a big fat side of “we told you so”.