Originally posted by: Mavtek3100
Originally posted by: yllus
Originally posted by: Mavtek3100
Especially the Federal Reserve must hold their meetings on Public Television! That's great! Did anyone catch the big one here? I thought this was classic indeed.
Actually that's probably one of the dumbest ideas to ever come out of his pen. Why is it I get the feeling that none of the advocates for this crap have ever worked for a decent-sized company in a decision making role?
Controlling and forming the information that comes out of your organization is essential to making sure people clearly understand what you're trying to do. Not to mention how many people would instantly start cutting up pieces from various meetings and piecing them together without context solely to create hysteria. Brilliant plan considering how important market confidence is when it comes to the Fed's operations.
I freaking love the idea! Around .2% of America would actually care and watch it, but I'd still love it! I mean to see them squirm around and actually be held accountable by Americans for what they do would be awesome. Seriously they are the ones in control of our monetary system, why shouldn't it be transparent. After all it's a currency, a form of exchange nothing more. I don't see why we can't see what the Fed does, CSPAN covers everything the House and Senate do. Oh and another thing, it's your money.
So, what about shareholders and board meetings? Wouldn't it be equally as important for them to see everything, since the BoD controls their share's performance? What about the CIA or FBI, it's important that we see what's going on there, FOI isn't enough, right?
What about anything where ideas that aren't filtered so the public doesn't go ape-shit about them?
Do you remember the Briefcase Barometer from the Greenspan days, where they would take anything he said or did, including what size briefcase he was using, to determine what was going on with the economy?
Seriously, you guys just don't know what the hell is needed to keep the markets clean. Even now people listen to the slightest nuace in board meetings which could indicate whether the company's performance is good or not. Hell, look what happened during the more recent Bear Sterns call, or countrywide. Even the slightest idea can be taken out of context, which is why those calls are heavily scripted.
What you don't realize is that BoD meetings or BoG meetings for the Fed are arenas for discussions to take place. Ideas, projections, solutions, warnings, opinions, are all tossed around. Direct exposure to these would result in people misinterpreting situations. For example, if 1 governor thought we should raise rates, the market would try to peg % likelihood on that, given power blocks, influence of that certain bank, the economy of the Fed bank area, and other factors.
Furthermore, the sounding board that is a Fed meeting is for the creation of new ideas. A BoD of any company is the same thing, as they use those meetings to direct the future of each company. It's akin to throwing shit on a wall and seeing what sticks. If you open that up to anybody, they will misinterpret anything possible. Volatility would increase as analysts ran different projections. People would speculate about any number of variables.
This is the problem I have with people who have no financial education, no market experience, and no solid economics experience, those who read books and bandy theories rather than practicum, start trying to dictate and implement massive change. It produces nothing but a bunch of prognosticators who think they know a lot, but in reality, no nothing at all.
It's dangerous because they, through their ignorance, can literally sink this country in days, not weeks or years or decades.
Especially the Federal Reserve must hold their meetings on Public Television! That's great! Did anyone catch the big one here? I thought this was classic indeed. 
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