August 28, 2007
Paying the Bill that Follows the Binge
From Jim Grant’s recent op-ed piece in the New York Times, The Fed’s Subprime Solution:
“Ben S. Bernanke is said to be resisting the demand for broadly lower interest rates. Maybe he is seeing the light that capitalism without financial failure is not capitalism at all, but a kind of socialism for the rich … Jiggling its interest rate, the Fed can impose the appearance of stability today, but only at the cost of instability tomorrow. By the looks of things, tomorrow is upon us already.”
Cat: | Time: 10:46 am (utc+8)