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"What the Fed really did was lend money to banks and accept the counterfeit currency as collateral, treating it just as though it were real money," says Dean Baker, the co-director of the Center for Economic and Policy Research.
But this is not only disaster capitalism, it is also Big Boy Bailout-ism -- the kind we've become accustomed to since the savings and loan scandal of the 1980s. It is an ideology that rewards wealthy political donors for irresponsible behavior and ignores the real victims.