No Limits on the Federal Reserve System

Lew Rockwell reports:

The Federal Reserve has been buying up mortgage-backed securities to bail-out the banks and hedge funds.

In his heroic fight against the Monetary Control Act of 1980, which allows the Fed to monetize anything, Ron Paul emphasized the business-cycle, redistributionist, and hyperinflationary implications.

Few listened to him then, but now, as the Fed's buzzards come home to roost, it may be different.

How ironic,the unaccountable Fed gets long questionable mortgage securities.