“The danger stems from a growing sense in Congress that the Fed has, with its program of quantitative easing and ultra-low interest rates, lengthened the Great Recession.  The Federal Reserve has just expanded its balance sheet by trillions of dollars. It is now holding trillions of Treasury notes and bonds that it ostensibly acquired on the open market but that represent, nonetheless, loans to the federal government from its own bank. These bonds were issued by the same Treasury Department with which Mrs. Yellen has been meeting with more or less weekly.  If Congress has a right to know what agreements have been made, what about the rest of us?”

http://www.nysun.com/editorials/the-fed-in-danger/88785/

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