Some say the world will end in fire,
Some say in ice. …
– Robert Frost
“WASHINGTON – And some say it will end because of subprime mortgages. But for those who cultivate fears of catastrophes as excuses for expanding government supervision of other people’s lives, the bad news is that the world is not going to end – not from global warming or economic cooling or anything else. Today’s untethered Federal Reserve will, however, make the muddle-through interesting.”
“Did the bank “lend” $29 billion to Bear Stearns, or did it, in effect, buy some of the most problematic securities owned by Bear? If so, was this faux “loan” actually to J.P. Morgan Chase? The purpose of the money was to give Morgan an incentive to buy Bear – at a price so low that an incentive should have been superfluous.”
