Ten Days That Shook Capitalism
'The past 10 days will be remembered as the time the U.S. government discarded a half-century of rules to save American financial capitalism from collapse. On the Richter scale of government activism, the government's recent actions don't (yet) register at FDR levels. They are shrouded in technicalities and buried in a pile of new acronyms. But something big just happened. It happened without an explicit vote by Congress. And, though the Treasury hasn't cut any checks for housing or Wall Street rescues, billions of dollars of taxpayer money were put at risk. A Republican administration, not eager to be viewed as the second coming of the Hoover administration, showed it no longer believes the market can sort out the mess.'
--from David Wessel's gripping front-page article in the Wall Street Journal last week. It vividly cut to the heart of the real issues involved in the Fed bailout of Bear Sterns, and did by far the best job of highlighting what it all means than anything else published or broadcast anywhere that I saw. It proves once again why the WSJ is such a unique journalistic jewel, and why serious people remain so concerned about the fact that the Australian shark Rupert Murdoch now owns it.