Washington is bankrupt, fiscally and morally. ++ Socialism is in full swing, proving the free-market Republicans hypocrites. ++ Paulson wants Congress to grant the Fed $700 billion to buy private assets. ++ Such a move will only create more financial turmoil for the US and Europe in the future. ++ Moreover, the entire G8 is a financially “spent force.” ++ Yet, ironically the political landscape
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We are witnessing the worst economic conditions since the banking shutdown of 1932. ++ After rescuing Fannie Mae and Freddie Mac, and reluctantly doing so with AIG, the Fed declined to bail out Lehman Brothers or Merrill Lynch; the Fed had to draw the line. ++ Buying assets for US bonds is one method of stabilizing these failing institutions. ++ The collapse of this second financial system
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