The real story so far, Part II
Kanjorski, a key member of the House Financial Services Committee and 31 other lawmakers of both parties recently asked the Federal Reserve — which orchestrated the Bear Stearns rescue — to inject cash into the student loan market by using a special lending operation. But Fed Chairman Ben Bernanke responded in a letter that since a shaky student loan market doesn’t threaten the financial system, it’s not the central bank’s job to steady it.
Again, the rich don’t seem to see a problem. Everyone they know seems just fine. Besides, the world needs ditch diggers, too!
You see, because within those investment portfolios at Bear Sterns, lived their children’s college funds, trust funds, etc etc. So, that was A-OK to bail out.
And that is the real story so far….
