At stake are 231 pages of disclosure detailing just how the banks managed to rape the American middle class, and saddle it with debt that will never be paid off.
The central bank contends that 231 pages of daily reports summarizing lending activity, which were prepared by the Federal Reserve Bank of New York for the Fed Board of Governors in Washington, aren’t covered by the FOIA. The statute obliges federal agencies to make government documents available to the press and the public. The suit doesn’t seek money damages.
As this case will certainly rise to the very top of the appeals process (just like Chrysler did, and in that case the US Supreme Court soundly abrogated the sanctity of contacts), we have a nagging suspicion that a vote for the Clearinghouse and the Fed will be the tipping point that will highlight that America is a nation the serves nobody but the 11,000 or so richest people, the bulk of whom come from Wall Street. What happens next we don't know. But we do find that certain buildings in downtown New York have an odd resemblance to the Bastille.
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