Monday, November 30, 2009

The $1.8 trillion question

Quick--what does the acronym "ABCPMMFLF" stand for? In a banking world gone mad, when opaqueness trumps clarity, and complexity usurps simplicity, deception becomes masked by confusion.

By the way, so there's no misunderstanding, it stands for: "Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility." Here is proof from the Fed's own website:

Government agencies have a real love affair with the alphabet soup when they want to confuse the public--or hide the fact that they are buying toxic bank assets on behalf of the American taxpayer.

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