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Dodd Says the Fed Has Authority to Set Up Debt Fund

bloomberg.com — Senate Banking Committee Chairman Christopher Dodd said the Federal Reserve can act as an "effective Resolution Trust Fund'' to buy and dispose of bad debt stemming from the subprime mortgage crisis. "The Fed has the authority to move in this area,'' Dodd told reporters in Washington today.

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  • principle, on 09/18/2008, -0/+1On Bloomberg TV, Barney Frank said that in conversation with Bernanke about the $80B bailout of AIG, Bernanke said that he had $800B for bailouts and that he was tolled by foreign ministers, and foreign bans to rescue AIG.

    As for this persistent news-blitz claiming that, the US taxpayers are paying for this rescue. The last time I checked, the Federal Reserve was a private bank. Apparently, it is easier to let the people think that they are in on a hook for billions of dollars, rather then to let them know that they have been ripped off by the Fed for even more money.

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