Financial Times reports that the Feds are ready to bail out the big banks:
Large US investment banks will be able to access emergency cash from the Federal Reserve into next year if market turmoil persists, Ben Bernanke said on Tuesday in a sign of the growing concern among policymakers that financial strains could continue for some time.
The signal from Mr Bernanke is likely to soothe Wall Street, in that it confirms Fed support for investment banks through the credit crisis. US stocks rose on Tuesday, the dollar rallied against the euro and oil prices staged their biggest retreat in months.
But, who’s going to bail out the little people who up to their ears in the credit crunch caused by the corporate giant banks? It certainly won’t be John “‘I Would Imagine We Are’ in a Recession” McCain. That’s for damn sure. My money’s on Barack Obama to get us out of this mess.