Whoa!!!!
The Fed is out of control! Bernanke is losing his mind! Someone stop him!
So, we were told that saving Bear Stearns, and then Fannie/Freddie, and then AIG, etc. would all save the economy, then Congress thought it could pull a fast one with the $700 billion bailout and “solve the problem,” NOW the Fed is taking matters into its own hands!
The Federal Reserve announced a radical new plan on Tuesday to jump-start the engine of the financial system.
The Fed said in a statement that it would begin to buy large amounts of short-term debt in an effort to stimulate the credit markets, which have all but dried up.
Under the program, the Fed said that it would buy the unsecured short-term debt that companies rely on to finance their day-to-day activities. “This facility should encourage investors to once again engage in term lending in the commercial paper market,” the Fed said Tuesday in a statement. “An improved commercial paper market will enhance the ability of financial intermediaries to accommodate the credit needs of businesses and households.”
WHAT!?!??!? Where does its charter give it the authority to do this? The Fed has become a monster!
The Fed is going to, apparently, create a new program (cough, legislating illegally, cough):
The Fed said it was creating a new entity to buy three-month unsecured and asset-backed commercial paper directly from eligible companies. It hopes to have the program running soon.
It does NOT have the authority to do this. The Fed is an unelected, unaccountable board of financial bureaucrats!
I just threw up in my mouth. A little.
Can anyone guess how they’re coming up with the money? Oh, c’mon, you can do it!
You’re right! A printing press.
Thanks to LOLFed.com
And the bubble gets bigger.
At this rate, the dollar is going to be worth less than the Mexican peso by next year!
Tags: bailout, bernanke, crisis, Economics, fed, federal reserve, financial, mccain, Obama
