If the Federal Reserve and U.S. Treasury were coordinating the response to the cruise ship disaster off the coast of Italy, here’s what they would be doing:
–the Captain and senior officers would all be given multi-million dollar bonuses (actually, their regular, annual multi-million dollar bonuses).
–Carnival Cruises, the ship’s owner, would transfer title to the damaged ship to The Federal Reserve, and be given a no-strings-attached bailout by Treasury to build a new one (or not, as they wished).
–The passengers would all be given harnesses, and the government would build ramps, handrails, etc. to help them manuever around the capsized vessel.
Sorry (and sorry to say), but the foregoing analogy isn’t so far off . . .
