> bill fancher wrote:
Actually cnnfn wrote:
>
>>But Greenspan, along with New York Fed President William McDonough,
>>stressed that LTCM's rescue was not a government bailout because public
>>funds were not involved in the effort.
>> "The Federal Reserve Bank of New York's efforts were designed solely to
>>enhance the probability of an orderly private-sector adjustment,"
>>Greenspan said. "No Federal Reserve funds were put at risk, no promises
>>were made by the Federal Reserve and no individual firms were pressured
>>to participate."
>
> Right. And it wouldn't have happened had the NY Fed, acting as the
> executive committee of the bourgeoisie, not been knocking heads.
>
Are you saying that allowing a possible financial collapse would have been better and the Fed should have kept hands off, or that the public should have financed the bail-out, or what?
Perplexed,
bill