patrick.net

From a reader:

Did everyone forget that Wall St. bonuses get paid in march? The Fed just guaranteed all of Bear's bonus checks will clear, $3+ billion! The company may fail but all the boys get paid.

Wow, is this true? The Fed is now printing money to pay Wall Street bonuses?

An alternate explanation I heard is that Bear is somehow essential to the mechanism for the Fed's money creation, but I don't understand how that works.

Patrick