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April 3, 2008
The Fed just saved our ass w/o taxpayer dollars
It is insulting how the Democrats on Capital Hill and the MSM are distoring the heroic efforts that the Fed has made to save the world wide financial system, especially their skillful engineering of the orderly liquidation of Bear Stearns. I have been surprised to find the most cogent analysis of the situation over at Red State. Basically it comes down to this, the FED using their OWN MONEY (not taxpayer money), engineered the continued co-party liquidation of Bear Stearns, the lack of which would have stalled the entire world economy, caused domino bankruptcies around the world and made the Great Depression look like a playdate. No taxpayer money went to "fatcat" Wall Street types. In fact, those "fat cat" shareholders of Bear Sterns lost billions of shareholder value overnight.
Do not let your Democratic Senator or Congressman tell you that now it "is time to bail out mainstreet" by having the Federal Government pay off bad mortgages. If the Government were to apply what the FED did to Bear Sterns to Main Street, they would seize your sub-prime house and give it to your neighbor for pennies on the dollar. Under no circumstances should you believe that politicians will come up with a thoughtful well crafted economic policy that actually does any good. What they will do is try to buy votes. Do not fall for it. Call your congressman and stop the insanity.
Posted by Martin at April 3, 2008 5:23 AM
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