Now that every taxpayer the country is part owner of Bear Stearns:
CNBC’s Steve Liesman reports on a letter from Treasury Secretary Paulson to New York Fed President Tim Geithner. In the letter, Treasury agrees that the Fed can bill Treasury for any losses from the Bear Stearns deal.
This is where someone gets to explain to me that I am wrong to be pissed about this.
*** Update ***
If you need something to cheer you up, the second chapter in The War Journals of Hillary Clinton, named Sunday Bloody Sunday is up:
After a few moments the Irishman straightened and began surveying the aftermath of the battle, a slightly ill expression stealing over his face. For all his considerable talents, the singer had never had the stomach for wetwork.
“Does it ever bother you?” he said softly. Catching my tight expression, he hurriedly corrected himself.
“Not this – ” he said, waving a hand to indicate the bloody scene. “I just mean – you’ve saved the Northern Ireland peace process, again, and no one will ever know.”
I gave him a steady stare. “Someday people will know. When the time is right. Until then, I’m content to operate in the shadows.”
The singer looked at me curiously, studying my face. “You seem – different, somehow. That thing in Tuzla, now this . . . it’s done something to you. Almost like you’ve – ”
“Crossed a threshold,” I murmured, the phrase springing to mind unbidden. The words felt powerful somehow, totemic, pregnant with future possibilities.
In other good news, Fafblog is back.