I'm trying to remember how many times the Fed raised stock margin requirement during the tech bubble, or mortgage down payment minimums and bank reserve requirements in the last credit bubble.
The spin machine and demand dampening campaigns are well underway in an attempt to rescue the pampered princes of Wall Street and the City of London from yet another overleveraged paper asset scheme gone wrong, wobbling the Anglo-American banking system.
It is the duty of the central banks and the government to preserve and protect the privileged few and their financiers not only from justice, but any pain of loss or minor inconveniences as well, no matter the cost to the public trust.
Now if only they could magically create some substantial new bullion supplies for the Comex to forestall what appears to be an approaching default on delivery, at least based on identifiable inventory and assets represented by paper in customers' hands.
As Daniel Drew once famously observed:
"He who sells what isn't his'n, must buy it back, or go to prison."
