ALL BLOG POSTS AND COMMENTS COPYRIGHT (C) 2003-2016 VOX DAY. ALL RIGHTS RESERVED. REPRODUCTION WITHOUT WRITTEN PERMISSION IS EXPRESSLY PROHIBITED.

Tuesday, March 25, 2008

Wall Street is not capitalist

Confirmation of what I wrote about in yesterday's column, as if it was needed:

Adam Smith’s invisible hand has a puppeteer: the Federal Reserve. In case there is any confusion about who was pulling the strings behind the scenes of JPMorgan Chase’s acquisition of Bear Stearns, the curtain was lifted Monday. By raising its bid — with the grudging approval of the Fed — to $10 a share, from $2, JPMorgan exposed what had long been whispered about but no one dared to say aloud: the Fed is officially in the deal-making business.

0 Comments:

Post a Comment

Rules of the blog
Please do not comment as "Anonymous". Comments by "Anonymous" will be spammed.

<< Home

Newer Posts Older Posts