According to today’s Wall Street Journal”:
“Four Federal Reserve governors voted unanimously to approve a 28-day secured Fed loan facility to Bear Stearns Friday using a rarely used Depression-era provision of the Federal Reserve Act”
Doesn’t this present an extrodrdinary opportunity for both of our Presidential candidates and for liberal democrats to extoll the true wisdom of a “well regulated marketplace” that if we had one it may have avoided the need to drag out this provision of the Federal Reserve Act? In the end it will be these types of far reaching rules, instituted by liberals, that ultimaltely saves the market from itself.
I know that the quick political assessment is to condem corporate greed (and that what this was) but in keeping with the higher principle of acting as the regulator it is government, that same one scorned by Republicans, and only government that the people must rely on to avert what may be a financial disaster.
Now if Obama or Clinton can deliver that speech at the Chicago school of economics that would be historic!
Bear Stearns was run by liberal Democrats.
They tried running it during a Republican administration. In such a climate the only safe investments are oil, weapons, gold, or tobacco.
“conservative” Republicans. Those were some great conservative values, eh, Eabo. Tyco? Republicans. And Worldcom liked both Republicans and Democrats. Do you really want to go there, Eabo?
the person writing the diary did.
read em and weep.. According to AP:
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p> RICHMOND, Va. (AP) – Former Governor Jim Gilmore was chairman of a Bear Stearns subsidiary that was set up to market some of its highest-risk securities.