The cranks were right about the Fed

Fed Chairman Ben Bernanke definitely did not want the public to know which corporations and foreign banks got emergency loans from the Fed. He told Congress that it would be "counterproductive."

Three members of Congress led the fight -- and won -- the battle to make the Fed disclose who it gave taxpayer mony to. They were Texas Republican Ron Paul, Florida Democrat Alan Grayson, and Vermont Independent Bernie Sanders.

As economist Dean Baker points out, they were viewed at the time as cranks.

The idea that the Fed should be held accountable to the Congress and the public was originally treated as a crank notion pushed by extremists who did not understand modern finance.

As Baker also pointed out, the Fed was held accountable and the world did not end.

Yet again, it turns out that the cranks were right, and those in positions of authority were either ill-informed or lying.