Zeev's Turnips Patch-No Politics (ZEEV)

[lee kramer]

mish: I must needs disagree with your belief that we'd be better off with no Fed. Sure, they are the bank of "last resort"...but, despite occasional miscues and occasional Fed Chairmen who are abysmal, [Arthur Burns was beyond abysmal] we had Paul Volcker and Bob Rubin,(was he Fed Chairman or SecTreasury? I don't remember.) Think back to when the Fed bailed out Chrysler...and how the Fed "saved?" us when that hedge-fund, (CAPITAL PARTNERS?)a few years ago, so highly and criminally leveraged threatened to topple one institution after another.
Ok, we disagree concerning the Fed.