Evil Incarnate
George Soros piece on his take of the stock collapse. I do like how he blames the Federal Reserve for Lehman Brothers failure. Not their mismanagement. This guy would have us print more money. Which would further devalue the American dollar. He is out to bring down America as fast as possible. He is a very, very evil man. And he has Obama’s ear. He was the original backer of Obama in his early years. The whole article is at this url…... http://www.ft.com/cms/s/0/49b1654a-ed60-11dd-bd60-0000779fd2ac.html
But worse was to come. Lehman was one of the main market-makers in commercial paper and a large issuer of these short-term obligations to boot. Reserve Primary, an independent money market fund, held Lehman paper and, since it had no deep pocket to turn to, it had to “break the buck” – stop redeeming its shares at par. That caused panic among depositors: by Thursday a run on money market funds was in full swing
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How could Lehman have been left to go under? The responsibility lies squarely with the financial authorities, notably the Treasury and the Federal Reserve. The claim that they lacked the necessary legal powers is a lame excuse. In an emergency they could and should have done whatever was necessary to prevent the system from collapsing. That is what they have done on other occasions. The fact is, they allowed it to happen.
