Tuesday, March 11, 2008
Good Money After Bad
Ben Bernanke seemed to violate the first rule of bad-example debtors when the Federal Reserve announced March 11 it would create a $200 billion fund for the banks and securities institutions who found themselves in liquidity crises for doing very stupid things with other people's money. But before I worked up my sense of moral outrage, I wondered if maybe there were bad credit-card purchases for which I could seek forgiveness by taking out a small loan from the Fed. Oh sure, dumb music and over-hyped vacations, but nothing compared to a Countrywide Financial Corp. ski trip to Colorado.
But wait a minute, there are certainly formerly squeaky-clean state governors who could use some help! And Eliot Spitzer already has a working relationship with Bernanke for all the corporate crime he's fought! C'mon, Ben, don't trips to the Emperor's Club deserve some liquidity forgiveness? Eliot sure looks like he could use a break.