David Kirkpatrick

November 20, 2008

The Fed is dreaming …

… of happy bunnies and warm milk.

Or, in other words, who believes this horseshit anymore? Really.

From the link:

Taking care not to declare victory, the chairman of the Federal Reserve and the secretary of the treasury told Congress on Tuesday that the unprecedented rescue efforts over the past eight weeks appear to have prevented the collapse of financial markets and returned them to a semblance of normalcy.

Reviewing the progress of the Wall Street rescue package that Congress passed Oct. 3, Fed Chairman Ben Bernanke said that stability had returned after the surprise decision to inject $250 billion into U.S. banks and thrifts, coupled with the Fed’s decision to bypass banks and lend directly to U.S. corporations in need of capital.

“These actions, together with similar measures in many other countries, appeared to stabilize the situation and to improve investor confidence in financial firms,” Bernanke told the House Financial Services Committee.

Defending his implementation of the rescue effort, Treasury Secretary Henry Paulson said success must be judged by what hadn’t happened instead of what had.

In the old west Paulson and Bernanke would have been rode out of town along with their spilling bag of snake oil by now.

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