Why Europe Today Is A Replay Of The US In 2008

A commenter on Marginal Revolution quoted the ECB’s actual release, which included:

“The objective of this programme is to address the malfunctioning of securities markets.”

 Pause… Does that ring a bell with anyone?  TARP?  “Firesale prices?”  Bernanke: September 23, 2008:

“banks will have a basis for valuing those assets and will not have to use fire-sale prices. Their capital will not be unreasonably marked down.”

Read the whole post at Kid Dynamite >

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