Marketwatch: “Acting quickly to prevent a run on major global financial firms, the Federal Reserve cut its discount rate by a quarter percentage point to 3.25% and offered to lend money to a longer list of firms than ever before. The extraordinary weekend moves came as J.P. Morgan Chase for just $2 a share backed by funds borrowed from the Fed. The Fed board gave its approval to that unique funding arrangement, which guarantees JP Morgan against losses from buying Bear.” Read the rest. And btw Republicans, there is still time to nominate Ron Paul. (Thanks to Tim Shea.)

The Best of Llewellyn H. Rockwell, Jr.