A part of this current economic crisis is like a pea-shell game.
A bank fails.
The FED sells the assets to another financial institution —at pennies on the dollar. That is a huge benefit for the buyer.
The FED assumes the debt. [That means, the taxpayers eventually get the bill.]
It’s a ponzi scheme- just like Social Security.
One thing I’ll agree with Barr on- we need to know WTH is going on behind closed doors this weekend and what they’re putting in this bailout legislation.