The Fed Counterfeits Money and No One Goes to Jail
A Bailout. For Everyone.
By Steven Pearlstein Wednesday, March 12, 2008; D01
Last week, it was a $200 billion cash-for-bond swap for the banks.
This week, it was a $200 billion bond-for-bond swap for the big investment houses.
If they keep this up, pretty soon you'll be able to walk into any Federal Reserve bank and hock that diamond brooch you inherited from Aunt Mildred.
Forget all that nonsense about the Bernanke Fed being too timid or behind the curve. In the face of what is turning into the most serious financial market crisis since the Great Depression, the Fed has been more aggressive and more creative in using its limitless balance sheet -- in effect, its ability to print money -- than at any time in history.
__________________________________________________________________________________ The Fed has now become a co-conspirator in this fraud, joining
mortgage initiators (ex used-car salesmen),
bond rating firms