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Old March 16th, 2008   #1
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Default Fed uses Depression Funding Law
In order to prop up Bear Stearns the fed had to invoke depression era law. This is not good. Although the U.S. will survive our current financial situation the fact that major institutions need federal help is a disturbing turn. Maybe we'll see tighter controls on these companies.

Economics Blog : Fed Invokes Depression-Era Law for Bear Loan
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Old March 16th, 2008   #2
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Default Re: Fed uses Depression Funding Law
What I don't get is this:

Quote:
.... and one governor was traveling and unavailable to vote....
Are you serious? I can talk to someone thousands of miles away for free in less than 5 seconds and you can't take one second to say YES or NO .

wtf.
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Old March 16th, 2008   #3
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Default Re: Fed uses Depression Funding Law
Thanks to the dems for that. They've held up Bush's appointments so there are only five active governors of the nine. If one more quits/dies/etc. then they can't have a quorum, and thus can't do anything.

way to go Pelosi and c.!
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Old March 16th, 2008   #4
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Default Re: Fed uses Depression Funding Law
Quote:
Originally Posted by Jokerswild View Post
Maybe we'll see tighter controls on these companies.
Quote:
Originally Posted by PTRMAN View Post
Thanks to the dems for that. They've held up Bush's appointments so there are only five active governors of the nine. If one more quits/dies/etc. then they can't have a quorum, and thus can't do anything. Way to go Pelosi and c.!
Tighter control? Hardly. Bear Stearns (as well as nearly every other banking institution) is in the plight it's in because of the subprime fallout and mortagage fiasco that has been plauging the United States for months now. Meh. What do I know anyway... I'm simply sick and tired of seeing people point fingers on the basis of politics, and politics alone.

Food for thought:
JPMorgan to buy Bear for $2 a share - Yahoo! News



Last edited by garetjax; March 16th, 2008 at 17:36.
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Old March 16th, 2008   #5
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Default Re: Fed uses Depression Funding Law
Quote:
Originally Posted by PTRMAN View Post
Thanks to the dems for that. They've held up Bush's appointments so there are only five active governors of the nine. If one more quits/dies/etc. then they can't have a quorum, and thus can't do anything.

way to go Pelosi and c.!

You got a hard on for her eh.
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Old March 16th, 2008   #6
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Default Re: Fed uses Depression Funding Law
Guys, what was one of the main factors in the cause of the Great Depression? Think past the stock market crash, this was when credit and pay in time was first implemented. Same thing as today, how many people and businesses default on loans? That money they took out doesn't just go to collection and disappear.
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