Bernie Sanders Has A Point

We know absolutely nothing about Vermont Senator Bernie Sanders except he comes from a state that makes us think of maple syrup, teddy bears and gay people – although not in that particular order.

And certainly not at the same time.

Anyway, Sanders is one of two “Independent” U.S. Senators, althought he basically votes in lockstep with the Democrats.

But that’s not stopping him from making an eminently sensible point – that all of these trillions of tax dollars American politicians of both parties are blowing on bank bailouts should be disclosed.

From Reuters:

In a testy exchange at a hearing before the Senate Budget Committee, Vermont Sen. Bernie Sanders, an independent who usually votes with the Democrats, said he found it “unacceptable” that the central bank risked taxpayer money without detailing where the funds went.

“My question to you is, will you tell the American people to whom you lent $2.2 trillion of their dollars?” Sanders asked, referring to the size of the Fed’s balance sheet.

(Fed Chief Ben) Bernanke responded that the Fed explains the various lending programs on its website, and details the terms and collateral requirements.

When Sanders pressed on whether Bernanke would name the firms that borrowed from the Fed, the central bank chairman replied, “No,” and started to say that doing so risked stigmatizing banks and discouraging them from borrowing from the central bank.

“Isn’t that too bad,” Sanders interrupted, cutting him off. “They took the money but they don’t want to be public about the fact that they received it.”

Sanders has filed legislation that would require the Fed to start fessing up – specifically by providing a detailed list of the type, amount, date and terms of any and all central bank lending over the past year.

Duh, “yes.”

This is where we say “sunlight is the ultimate disinfectant in the political process” and you nod your heads approvingly.

Good … that’s it. That’s what we like to see.

While he’s at it, Sanders should also file legislation prohibiting anyone from the State of South Carolina from ever becoming Chairman of the Federal Reserve again.

Honestly, what in the hell did we think was going to happen here?

A South Carolinian becomes Fed Chair and we enter a period of unrivaled economic growth and prosperity?

Uhh … that’s just not how South Carolina rolls, people.