The coming US dollar crisis Message Board

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Strategies & Market Trends : The coming US dollar crisis

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From: carranza2	3/14/2008 4:15:39 PM
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Jesse's points re BSC: jessescrossroadscafe.blogspot.com The Fed is acting as 'lender of last resort' and saving Bear Stearns from insolvency. J.P. Morgan is acting as agent or a conduit for the Fed. They are not accepting the risk. Bear Stearns could not wait until March 27 when they would have had direct access to the new TSLF. The situation at Bear is so bad that no other bank on the Street would consider providing funding. The Fed stepped up in what can only be described as an extraordinary action not seen since the bank failures of the 1960's and 1930's. The Fed decided they could not allow Bear Stearns to go through even a managed, orderly failure because it would have set off a major chain reaction of counter-party risk failures that would have decimated Wall Street. The deceit and fraud will continue until stopped by an external regulatory force not controlled by special interests.

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