The View From 1776
Thursday, March 06, 2008
Has Fed Chairman Bernanke lost his bearing, or was he a Keynesian socialist all along?
A Wall Street Journal editorial raises serious questions about Mr. Bernanke’s judgment.
Suggesting that banks should further endanger their already depleted capital bases by, in effect, giving mortgage defaulters part of the banks’ capital is a proposal straight out of social justice egalitarianism via government-mandated redistribution of wealth. No wonder big-league-socialist Congressman Barney Frank applauds the proposal.