What supposedly started out as the “banker’s bank” has now simply become The Bank. The Fed is now lending directly to businesses, cutting out even the “need” for Congress to create something akin to the Reconstruction Finance Corporation (which still survives today as the Small Business Administration): WASHINGTON (AP) – Frantically trying to stop the bleeding on Wall Street, the Federal Reserve took a first-time step Tuesday to get cash directly to businesses and hinted that interest rates could come down soon. Stocks continued their free fall anyway and hit new five-year lows. The central bank invoked emergency powers to … Continue reading The Fed Unmasked (Again)