Simply Stunning – Bernacke Recommends Expanding Fed Bailout Power

Bernacke now wants shadow banks to have a place on the crisis/bailout merry-go-round.

(From EconomicPolicyJournal.com)
Bernanke said at a conference at New York University on Friday that the Fed needs to have expanded powers to lend to institutions that are not commercial banks, which is the only industry that the central bank can offer emergency funds to as a “lender of last resort,” reports Yahoo Finance.

I’m sure it’s all coincidence but Bernanke now is an adviser to two such shadow banks.

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