One of the core principles of the U.S. medical profession is the Hippocratic oath, the most famous part of which is "Do no harm." It's too bad that the governors of the Federal Reserve Board don't have to take such a pledge when they assume office, because their recent interest rate cut has done a lot of harm to those of us who've managed our finances prudently.HOW SHOCKING!!!!!
Even though the Fed's stated reason for cutting short-term interest rates by half a point was to help keep the economy from falling into recession, anyone who's been paying attention knows that a major motivation - if not the major motivation - was to try to calm the turbulence that has been roiling the markets since August.
The players in the biggest trouble, of course, were the ones who'd taken the biggest fliers in junk mortgages, ultra-risky leveraged buyouts, and other financial esoterica that proved to be malignant.
But if we taxpayers are going to bail out the likes of Countrywide Financial (Charts, Fortune 500), even indirectly, I'd like us to get a market return on our money. That would reward us for the risk we're taking and seriously penalize companies that so overindulge that they need Dr. Ben's Magical Money Elixir.
Let's get the Treasury to negotiate deals like Bank of America's (Charts, Fortune 500) with Countrywide in August, when the bank put up $2 billion and got a high current coupon and a below-market conversion option.
[ cf Investors to Fed: Thanks for nothing:The reckless are getting relief from Bernanke while the prudent are paying the price, argues Fortune's Allan Sloan. ]
I am just disgusted that these Sorts of Dope Smoking Hippies are allowed to Impugn the Work Of TRUE HOLY WARRIORS!!! and by doing so, they impugn the work of all true holy Warriors!!!
Don't these God Haters understand that the MOST Important Thing in a Time of War is Tax Cuts and the direct transfer from the Fed To the Players who have been played!!!! Why if anyone actually believed in the Imaginary Foot Of The Marketplace, that doesn't mean that they should be penalized for their brief flights of Fantasy!!!!
Don't these God Haters Understand that the nation is in a time of transferrring the tax liability unto the unborn, and anything less would be like holding that the mere law of man was greater than the Divine Will!!!!!
I AM JUST SHOCKED!!!!!
Clearly we need a vote in the Senate To Condemn These Unamericans who do not understand the Moral Purity of The Pure Holy Warriors!!!