The Fed to provide more corporate welfare to financial institutions..
This is so hosed up. The Fed is paranoid that the banking industry is going to shit itself so it plans on a wholesale welfare handout. From the LA Times:
Moving to stop the economy from stumbling further, the Federal Reserve said Friday that it would pump more cash into U.S banks to keep the nation’s financial system from seizing up.
The surprise action came as the Fed formally signed on to tough new rules for the credit card industry announced a day earlier by other regulators. The two initiatives were the latest examples of how the Fed, under the chairmanship of Ben S. Bernanke, is asserting its willingness to take charge in disparate parts of the economy.
Of course it should go without saying…don’t buy into the “take charge” admission from Benny Bernanke. That is a PR statement to paint this giveaway in a different light.
Hey Benny..pay my bills too ok? Come on Benny I am a good little consumer..or I used to be dude. Ya Fuck…