2008-03-19 — contraryinvestingnews.com
'Each time the Fed swings into action, it inches ever closer to the moral hazard of an outright bailout for Wall Street.Last week, I commented about the Fed’s latest free-lunch: Cooking up a 28-day term auction for a cool US$200 billion. Yesterday morning, everyone heard about the bailout deal for Wall Street broker Bear Stearns, which the Fed hastily arranged over the weekend.'
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