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Fed’s Bear Bailout under Scrutiny
http://www.contrarianprofits.com/ chris-lowe/ feds-bear-bailout-under-scrutiny/
Fed’s Bear Bailout under Scrutiny “The Federal Reserve has stretched its mandate up, down, and sideways to prevent a financial market deluge,” reports BusinessWeek. “Now it appears to be stretching the English language a bit as well.” What the Fed is calling a $29 billion “loan” to help finance JPMorgan Chase’s purchase of Bear Stearns looks much more like a $29 billion investment in securities owned by Bear. Although the Fed insists that it isn’t technically buying any assets, in practical terms it’s doing exactly that. Contrarian Profits
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