Fed urging Judge not to enforce the order?

Bloomberg News won against the Fed (Federal Reserve Bank of New York) for information under the Freedom of Information Act. Two days later on Wednesday, the Fed asked Chief Judge Loretta Preska of the U.S. District Court in Manhattan not to enforce the ruling.

The Fed once again invoked scare tactics like they did with Congress asking not to disclose information until they could get an appeal ready.

Significant harms that could befall not only private companies, but the economy as a whole

Immediate release of these documents will cause irreparable harm to these institutions and to the board's ability to effectively manage the current, and any future, financial crisis

Does Bloomberg have a case since the Federal Reserve is a private entity? If the Fed is not a private entity then doesn’t Congress have a right to see the books? The question whether the Federal Reserve is private or Federal needs to be answered.

According to Reuters,

The Clearing House Association LLC, which represents banks, in a separate filing supported the Fed's call for a delay. It said speculation that banks' liquidity is drying up could cause runs on deposits, and trading partners to demand collateral.
"Survival can depend on the ephemeral nature of public confidence," Clearing House general counsel Norman Nelson wrote. "Experience in the banking industry has shown that when customers and market participants hear negative rumors about a bank, negative consequences inevitably flow."

How long will the public continue to fund these insolvent banks while the public continues to lose jobs and freedoms?Inflation is coming because of this mess and some are even saying hyperinflation. Monetizing debt has no other outcome.

According to the International Forecaster,

We believe second quarter GDP figures were not minus 1.5%, but closer to minus 4%. We see real GDP at even by the end of the year and into the first half of the year with a plus 2% in the second half of 2010. If another stimulus package of $2 trillion is not passed and banks continue to reduce lending, the economy will begin to slide again. Our guess is if the stimulus package is not increased the Fed will instruct the banks to increase lending, which will monetize money and start higher inflation.
It is really a tragedy for the American people and particularly business interest to have to deal with bogus government figures and continued lies. If neither event occurs then the economy will resume degeneration and that will force the Fed to further monetize fund injections into the economy to avoid being overwhelmed by deflation. If economic and financial stability is to be maintained over the next ten years trillions of dollars will have to be injected and monetized into the economy and no lasting growth will be achieved.
In the meantime de-leveraging will have to be dealt with, especially among the banks and Wall Street; coupled with their terrible losses on their balance sheets. This will be a mean feat. As this transpires we will experience chronically rising unemployment. No economy can intrinsically grow under such conditions and it can only end in stagflation indefinitely. As we move along over the next five years people will finally discover that free trade, globalization, off shoring and outsourcing have robbed them of their once vibrant economy. The public will finally demand tariffs on goods and services in order to save what is left of their economic structure. In time world economic weakness will be reflected in commodity prices, which will slowly retreat. All of the above will advance government intrusion into the economy via regulation, as consolidation of monopolizations takes place. This will lead to increased corporatist fascism and America will slip deeper into socialism.

If something isn’t done to correct this path of corruption soon, there will be no long term growth and Americans could pay a hefty price. As companies move into the Asian markets, American consumers and will become expendable.