I guess now we know how far the Fed will go to save JP Morgan - all the way.
I starting to wonder about some or the strange and unexplained changes in position recently. I have to think that some of these guys took a close look at what was going to happen if/when the FED failed, that they were horrified and are now jumping on board the Greenspan spin machine trying to convince everyone that (repeat this 10 times) "there is no deflation risk".
Off subject slightly, and I don't want anyone to respond to this -- Christopher Hitchens was on C-Span the other day supporting a war with Iraq. Talk about people taking odd positions. His only explanation was that, it was about oil and what better reason to go to war.
Things sure are getting interesting.
Richard W.