I had a short conversation with Bob today about the economic meltdown and I asked him what he thought about the $2 trillion that the federal reserve gave away without disclosing who received it. After I got off the phone I did a little more research and realized that I had the story wrong. It was only 1.5 trillion and it occurred earlier this year. The federal reserve did disclose who received it… Citibank and Goldman Sachs and other banks. However the federal reserve is not disclosing what collateral was given in exchange for the 1.5 trillion. Bloomberg news is suing the federal reserve because they refuse to disclose what collateral was which they claim is a violation of the freedom of information act. full story here

Thailand news

Today a court deposed the Prime Minister and dissolved their political party. I think this means that the airport will back up soon. I see this as a victory for the people who have taken matters into their own hands and stood up to government. Of course it cost a lot of money and the whole process might repeat itself within the year.