WALL STREET JOURNAL: Ten Days That Changed Capitalism (AWAY from unregulated orgy)

[yurbud]

This was on page one. Isn't this the equivalent of the Chamber of Commerce running up a white flag?

David Wessel

Officials Improvised
To Rescue Markets;
Will It Be Enough?
March 27, 2008; Page A1

The past 10 days will be remembered as the time the U.S. government discarded a half-century of rules to save American financial capitalism from collapse.

On the Richter scale of government activism, the government's recent actions don't (yet) register at FDR levels. They are shrouded in technicalities and buried in a pile of new acronyms.


But something big just happened. It happened without an explicit vote by Congress. And, though the Treasury hasn't cut any checks for housing or Wall Street rescues, billions of dollars of taxpayer money were put at risk. A Republican administration, not eager to be viewed as the second coming of the Hoover administration, showed it no longer believes the market can sort out the mess.

"The Government of Last Resort is working with the Lender of Last Resort to shore up the housing and credit markets to avoid Great Depression II," economist Ed Yardeni wrote to clients.

http://online.wsj.com/article/SB120657397294066915.html?mod=hps_us_pageone">FULL TEXT

[Vincardog]

1. Correction they are not working to "shore up the housing and credit markets "

They are working to make suer the Parasitic Corporate vampires who have been bleeding our country do not have to pay the price on dim son's watch.

[yurbud]

3. they are doing it in such a way and on such a scale that it can only look like corporate welfare

to even the most casual observer, and therefore an admission that Wall Street and corporate America general is incapable of keeping their house in order without outside supervision.

[Robbien]

2. Surprising fact is that it was in the WSJ at all

Its a good article summarizing Fed actions taken and projected actions. But that it is prominently placed in the WSJ--- you are right, Chambers of Commerce all over the country are saying in unison

:wtf: