Federal Reserve Chairman Ben S. Bernanke is being forced to throw out four decades of monetary history by a financial system choking on miscalculated risks and a deepening recession.
Bernanke and the four Fed governors voted yesterday to become creditors to Bear Stearns Cos., a securities firm that isn't a bank, by invoking a law that hasn't been used since the 1960s. Three days earlier, the Fed said it would swap Treasury notes on its balance sheet for privately issued mortgage-backed securities held by Wall Street firms.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aY2RvFA.yO_Q
http://www.bloomberg.com/apps/news?pid=20601087&sid=azptE74xBCFI
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