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Posts Tagged ‘Fed bailout Bear in 2008’

Robert Reich, “The Fed in Hot Water”

Posted by Larry Doyle on April 1st, 2010 5:14 PM |

Former Clinton Secretary of Labor Robert Reich had some very strong words today for the Federal Reserve. In his commentary which I find at Wall Street Pit, Reich questions the constitutionality of the Fed’s actions in 2008. None of this comes as a surprise, but it should cause America to wake up to the fact that the Wall Street-Washington incestuous relationship has run roughshod over America before and now throughout our economic crisis.

Who in Washington is willing to blow the whistle on this incest? Reich writes, The Fed in Hot Water:

The Fed has finally came clean. It now admits it bailed out Bear Stearns – taking on tens of billions of dollars of the bank’s bad loans – in order to smooth Bear Stearns’ takeover by JPMorgan Chase (JPM). (more…)






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