Fed to the Rescue

That's a relief. The Fed has made the world safe for stock brokers:

Lehman Brothers Holdings Inc. Chief Executive Officer Richard Fuld said the Federal Reserve's move to provide funding to brokers should alleviate investor concern that Wall Street firms may face cash shortages.

Now, the banks and brokerage houses can buy one another with loans from the Fed and pledge worthless paper no one else wants as collateral -- while grossly overpaid board chairmen play card games and golf. Sweet deal, even if means a liquidity trap for consumers.

Now, when do you suppose the Fed will help the victims of those stock brokers and bankers?