Commentary: The Fed steps up

03/12/2008 | Washington Post (tiered subscription model), The

Cries that Ben Bernanke and the Fed were taking too passive an approach to the credit crisis appear to have disappeared overnight with a little bit of help from a $200 billion bond-for-bond swap directed at prime brokers, Steven Pearlstein writes. "We can argue till the cows come home about whether this is a bailout for Wall Street. It is -- but only to the extent that it is also a bailout for all of us, meant to prevent a financial and economic meltdown that drags everyone down with it," Pearlstein explains.

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