It's funny, every time Keynesian-lovers like KC cannot adequately spin a big government-negative report...they immediately call it a conspiracy and ask the mods to move it to the conspiracy section.
I think you struck a nerve.
Anyone that thinks the audits that the Fed releases give a complete picture of what the Fed does and/or spends money on simply does not know what they are talking about.
Just ask the Belgians if the Fed can buy/get others to buy things 'off the books'?
When will the world face facts - the Fed are macroeconomic ignoramuses that have not a clue what they are doing and are just trying to put out every new fire that starts to begin.
The Fed are great bean counters...but HORRIBLE economists.
Anyone that doubt's it need only look at the Fed minutes in 2007 as the housing market started to collapse...they were clueless as to the extent of what was going on - including Yellen.
These glorified bank managers have not a clue what they are doing (IMO)...and yet they are the most powerful economic organization on the planet.