Pig’s ears and silk purse prices

I was reading William Buiter’s article.

The learned Professor of London school of Economics has commented thus, while speaking on The Federation’s move.

The Fed has bailed out banks, he says, by buying Pig’s ears illiquid assets for silk purse prices.

First, I was amused by the metaphor.

I chuckled.

After long deliberation truth dawned.

The Fed has messed the whole economy.

It is in deep credit crisis.

I recollect Shakespeare’s words.

Never a lender be, nor a borrower,.

I may have gone wrong while quoting.

I am right in disclosing the meaning.

Fed has robbed Peter to pay Paul.

It has made use of the tax payer’s money to feed the ailing banks.

A necessary evil.

My paradigm

Buy ,what you can afford.

Spend ,what is possible.

Lend not.

Borrow not.

If affluent, give away to the needy. 

Mercy is twice blest.

It blesseth the one who gives.

and the one who takes.

Again Shakespeare.

Today ,he keeps on coming.

I know not why?

Perhaps -an apparition.