Regarding Paul Krugman’s Tuesday commentary in the Las Vegas Sun: Federal Reserve Chairman Ben Bernanke’s “worst-case scenario” solution has come to pass. On Tuesday, Bloomberg reported Bernanke has done it!
We, the taxpayers, are now the proud owners of $200 billion in worthless mortgage securities.
For the Fed, it’s awfully easy to spend our money to bail out the irresponsible, greed-driven machinations of the banking industry. It does no good to complain, as Washington will surely find a way to justify the action as being in “our best interests.” Ha!
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