https://pjmedia.com/richardfernandez/2008/11/10/up-the-sleeve/feed/PJ Media is a leading news site covering culture, politics, faith, homeland security, and more. Our reporters and columnists provide original, in-depth analysis from a variety of perspectives.en-usThu, 11 Jun 2026 02:08:04 -0400<![CDATA[Here&#8217;s an example of the Principal-Agent problem.  Bloomberg repored on Nov. 10 that &#8220;the Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.  Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn&#8217;t require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.&#8221;]]>Mon, 10 Nov 2008 14:05:22 -0500<![CDATA[Richard Fernandez]]>https://pjmedia.com/richard-fernandez/2008/11/10/up-the-sleeve-n186457