Friday, September 5, 2008

Don’t use Fed as a ‘magical piggy bank’

Don't use Fed as a 'magical piggy bank'

Greenspan says Congress needs to give the government new powers to handle troubled companies to minimize any potential losses to American taxpayers. A self-described libertarian Republican, Greenspan has a reputation for being wary of giving the government extra powers. However, in crisis situations, there needs to be a clear process for handling bailouts, rather than depending on the Fed to do so, he reckons.

Posted by mark @ 01:08 PM (394 views)
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One thought on “Don’t use Fed as a ‘magical piggy bank’

  • UK retail and investment banks are currently using the Bank of England as a magical piggy bank.

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