Wednesday, November 12, 2008

The Fed run Amok

Under Ben Bernanke, the Fed has completely rewritten its mission. The Fed Reserve was never envisioned to be lender of last resorts to investment banks, money markets, and commercial paper issuers. The money squandered by the Fed is difficult to measure. By one measure, the Fed has gone from a balance sheet of $800 bill in assets down to $250 bil.

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