Monday :: Aug 22, 2011

Too Big To Fail


by Mary

Free insurance and unlimited funds for the banks.

Whether banks needed the Fed’s money for survival or used it because it offered advantageous rates, the central bank’s lender-of-last-resort role amounts to a free insurance policy for banks guaranteeing the arrival of funds in a disaster, Herring said

Guaranteed to make them rich while ordinary homeowners drown in debt.

(h/t Atrios}

Mary :: 9:55 AM :: Comments (1) :: Digg It!