Word: fed
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...weight of history has become too heavy. As the events of the last week unfolded, ad hoc solutions from Bernanke’s Fed and the Treasury, led by the vigorous former Goldman Sachs CEO Henry M. “Hank” Paulson, proved unable to bring lasting calm to the market: Neither lower interest rates, nor greatly expanded liquidity helped thaw frozen credit markets. Even after brokered shotgun weddings like those of Merrill Lynch and Bank of America or Bear Stearns and JP Morgan Chase, what Professor Kenneth Rogoff once called the “flagship?...
...panics by lending dollars in exchange for momentarily hard-to-sell assets, as it did early Thursday morning. But while the exigencies of the moment have led it to make longer-term investments in Bear Stearns and now AIG, it's widely agreed that this is bad policy. "The Fed is the guardian of the currency," says William Silber, a professor of finance and economics at New York University. "That's its job. Its job is not to subsidize people who made credit mistakes...
...election, could create such an entity on short notice. On Wednesday the answer from several key lawmakers was no, but on Thursday House Speaker Nancy Pelosi told President Bush she'd keep the chamber in session longer if needed. It's also possible that the Treasury and the Fed could come up with an improvised solution that doesn't need congressional approval. Paulson and Fed Chairman Ben Bernanke visited Capitol Hill Thursday night to talk over the possibilities, and Paulson said Friday that he would "spend the weekend working with members of Congress of both parties" to come up with...
...pressed to say which bailout was the most egregious in Randian terms, but suggested that the takeover of AIG by Treasury and the Federal Reserve was particularly troubling because there is a chance that the government will actually profit from the selective sale of AIG's assets someday. "The Fed might make a lot of money on the AIG deal," he said. "We're turning the Federal Reserve into a hedge fund...
...government this week "are victims," he said, "and the government set it up." Washington underreacted to previous crisis, let Fannie Mae and Freddie Mac spin wildly out of control as quasigovernment agencies while taxpayers piled up unsecured debt in their names. The crisis, he added, was "really fed throughout by government policies...