Bloomberg has just published the second article within a week regarding the expansion of Fed powers beyond anything heretofore seen.
Here is an excerpt:
``The Fed is so far outside the traditional bounds,'' said Mason, a former economist at the Office of the Comptroller of the Currency, one of five federal bank regulators. ``It isn't innovative, it is taking a step back in time to a system of direct credit'' where the government decides ``who gets funding and who doesn't,'' he said.Here is the link:
Fed Expands Role by Aiding JP Morgan's Purchase of Bear Stearns
