The government is weighing a bold plan to buy massive amounts of unsecured short-term debts in a dramatic effort to break through a credit clog that is imperiling the economy. The Federal Reserve is working with the Treasury Department on the plan to buy 'commercial paper,' a short-term financing mechanism that many companies rely on to finance their day-to-day operations, such as purchasing supplies or making payrolls, according to a person with knowledge of the plan. (ABC News, Tuesday)
Any resemblance between the U.S. economy and a free market is strictly coincidental.
FEE Timely Classic
Why Socialism Failed by Mark J. Perry