Nation's Three Largest Banks Team to Create a Rescue Fund of Sorts
So the big three banks are going to "rescue" the credit markets. I think this really pretense for them owning even more of it. That's really and aside, however. What really is interesting is this:
The Tresury Secretary has stepped in to the fray.
This follows the realization that the system, as it stands, cannot fix itself. The fed cannot simply print more money without weakening further what is already weak. A political solution is needed and this seems to fit the bill. Doubtless opportunity for the banks to help smaller lenders will lead to opportunism by the banks to take over those smaller lenders. It seems the motives of government and big business have collided head on with this one.