“If you bail out every investment bank that gets in trouble, that’s not capitalism, that’s socialism for the rich.”
- Jim Rogers, CEO of Rogers Holdings on CNBC today
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.
And yet we can’t get everybody healthcare?
Yes, I know they’re not the same thing, but I’m talking about PRIORITIES here people! We fight endless wars and throw hundreds of billions at reconstruction in other countries, and yet we can’t invest more in education, in infrastructure, in the health of our nation?
We can do better.
This entry was posted on Wednesday, March 12th, 2008 and is filed under Economy, Money, Quotes, Social Programs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.