Mayhem in the Capital
You'd think these chuckleheads would get their messages straight, especially since at a time like this, perception is everything.
You have Chris Dodd (a perennial frontrunner for my personal "dumbest guy in the room
" award and a potential Obama VP pick, by the way) flapping his gums about opening the Fed discount window to Fannie and Freddie.
Then someone at the fed -- maybe someone who understands that a bailout should be identified as such, and that it won't help insolvent banks just to throw them more cheap money -- said "Um, no, that's not on the agenda.
Bernanke "reportedly" said that the GSE's could tap the discount window, since hey, why not get more cheap money backed by taxpayers?
Who's on first again?