Punk, Ziegel analyst Richard X. Bove argues here that recent Fed policies and pronouncement amount to a bailout of Countrywide Financial. If so, then Bernanke's Fed is similar to Greenspan's in that the latter also directed Fed policy to help Long Term Capital Management.
Bove: The Fed protected "moneyed interests and bad business policies'' and "may have certified rather than prevented a recession. By allowing bad investment to remain in force, the Fed prevents the freeing up of money for good investments.''
