http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aS0yBnMR3USk
It’s not hard to see how this will play out. Congress will borrow a few hundred billion more to pay for part of the bailout, and the Fed will simply print money to subsidize the rest of the bailout. Anyone with savings will pay the hidden tax in the form of inflation. The financial system WILL get bailed out- it always does in major developed economies.
I heard an economist on CNBC say last night that eventually we’re all going to just multiply our savings by .93 (and this is excluding any stock loss or asset value deprecitation) to pay for this financial crisis. Sounds about right to me.
Have they banned Ben from his magic printing press yet?
The Obama Miracle continues!