Banana Republic Watch
By Arnold Kling
William D. Cohan gives the play-by-play of the Merrill-BofA-government saga.
Lewis said Bernanke told him, “We view you as strong and having acted appropriately in difficult circumstances … We’ll make sure you continue that way … We want to do something that when the public hears about it [the new government financing], your stock goes up.”
Read the whole thing. It’s beyond comment.