En pánico, la Reserva Federal rescata a Bear Stearns en una nueva fase del derrumbe
March 14, 2008 (LPAC)--The Federal Reserve moved openly today to bail out Bear Stearns, the nation's fifth-largest investment bank, injecting an unspecified amount of cash to keep the bank from failing. The money, in the form of a 28-day loan, will be conduited through J.P. Morgan Chase, but the Fed is providing the cash and will absorb any losses that might occur. Morgan Chase has also been assigned to search for significant capital investors or even a buyer for what is now little more than a walking-dead zombie.
The move is obviously embarrassing for Bear Stearns, but it is also embarrassing for "Helicopter Ben" Bernanke, the Federal Reserve, and the President's Working Group on Financial Markets, because it shows that the Fed's policy of covert bailouts of the banking system has failed. After all, had that policy worked, there would be no need to bail out Bear Stearns in such an obvious manner.
Last Summer, the failure of a pair of Bear Stearns hedge funds triggered the collapse of the market for mortgage-backed securities and the financial instruments--such as CDOs--based upon them. At the time, Bear Stearns and the so-called financial experts and pundits assured the world that Bear Stearns itself, and the financial system as a whole, was safe, that the damage was easily containable. Lyndon LaRouche, in stark contrast, said that the system itself had collapsed. Since LaRouche's warning, we have seen the rate of disintegration gather speed like an avalanche racing down a mountain, going from "sub-prime crisis" to "credit crunch" to trillion-dollar central bank bailouts, and now, to the collapse of one of the largest banks in the world. We have entered a new phase of disintegration, and the Bear Stearns collapse is but a harbinger of bigger failures to come.
To understand why the Fed's bailouts can not work, we invite the reader to view the video "Firewall: In Defense of the Nation-State," available on the home page of this website.
