A Clearer Perspective

The Fed worked overnight this weekend to exactly what it’s not supposed to do: get its hands dirty to bail out the private sector.The New York Times reported yesterday that in hopes of avoiding a “systemic meltdown in financial markets” the Fed had swooped in to offer a $30 billion credit line to “engineer the takeover” of firm Bear Stearns and at the same time announced an open-ended (so no limits on the amount) lending program for Wall Street’s biggest investment firms.

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