10/31/07—After the fed funds and discount rates were reduced 25 basis points.
Well, it’s official, folks….
We have a Bernanke put!
We have a WPA for Wall Street!
No hedge fund manager will be left behind!
No trading desk can miss!
No asinine financial decision will go unpardoned!
No one on Wall Street need sleep fitfully!
No more singing “Brother can you spare me a billion?”!
No more need to assess risks and exercise prudence!
No reason to avoid taking the most outrageous risks—the rewards are officially privatized and the risks are officially socialized!
Sleep well, Wall Street—your Mother Ben has gathered you under his wings. After all, he can’t bear to see his children experience any degree of discomfort. Why, you are the financial titans, the rugged American individualists on whom our economy depends! And Mommy is never far away!
So, no need to worry, Wall Street wise men…
…until the fox comes along. Then you have to start worrying. But, what the hell, Mother Ben can always…voila…CUT RATES!!!
But what will you do when that doesn’t work any more? Then there will be even more hell to pay, no?
Aw, stop being such a killjoy! Eat, drink, and be merry, for tomorrow we shall die.
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