The Dallas Federal Reserve Bank President, Former Treasury Secretary, Head of the Congressional Budget Office and Leading Economists All Slam Bailout

The following experts have slammed the bailout:

  • The former head of the Fed’s open market operation – the key Federal Reserve program which loans hundreds of billions of dollars to Wall Street companies and banks – said the bailout could make matters worse: “Every time you tinker with this delicate system even small changes can create big ripples . . . . The risks are that the government’s $700 billion purchase of assets disturbs markets even more.
  • A prominent economist (Nouriel Roubini) says “The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.”
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