"The Federal Reserve is in business to create moral hazard. The mere act of being a central banker means your job description involves creating moral hazard."
I like how he's not even bothering to hide it anymore. Well yes indeed, our job is to screw over the people and funnel their money to our corporate banker associates.
"We have to minimize the moral hazard associated with dealing with the affairs of any individual firm, and you have to do it in a way that nobody steps up to the plate and say 'rescue me next'"
*ahem* Bear Stearns bailout. $29 billion. And a violation of the Federal Reserve Act. That'll teach the banks to shy away from begging the Fed for bailouts!
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I'm not sure why people choose 'To Love is to Bury' as their wedding song...It's about a murder-suicide
- Margo Timmins
When it becomes serious, you have to lie
- Jean-Claude Juncker
"The Federal Reserve is in business to create moral hazard. The mere act of being a central banker means your job description involves creating moral hazard."
Wow, and it took them this long to acknowledge this? At this rate it should only be a few hundred years until basic oversight sets in.
Manic Progressive: A liberal who violently swings from anger at politicos to despondency over them.
Out Of Context theatre: Ron Paul has repeatedly said he's not a racist. - Destructinator XIII on why Ron Paul isn't racist.
