So, remember how there was all that funny hubbub regarding the US Congress trying to spend all this time working on a bailout bill for Wall Street? Remember how Bush, this morning, gave another bit of speechification (here: http://is.gd/3lH2 ) on how we really, really, really need to pass a bill to help Wall Street? Perhaps you remember that other time he talked about the economy where he said that if we didn’t do something the entire economy was in danger?

As Jon Stewart might say:

Funny story!

Turns out the Federal Reserve decided to go on and bail out Wall Street all on it’s own!

Yesterday, the Fed took it upon itself to borrow more money from other central banks around the world. Europe, the UK and Japan all took part in the fun, allowing the Fed to inject $630 billion into our economy, via loans to banks.

Now, the above screencap comes from Bloomberg.com (here: http://www.bloomberg.com/apps/news ) but neither CNN.com nor Money.CNN.com had any headlines about this. I did a quick search through Google News and it looks like the hardcore money sites are covering this, but I didn’t see any of the mainstream news sites with headlines about it.

So, this means, once again, America doesn’t know what the heck is going on with it’s own money.

Not only that, but the Bloomberg article I cite above doesn’t mention a damn thing about how $630 billion will impact inflation.

In fact, I haven’t stumbled across anything mainstream newsish that even talks about inflation in the context of today’s economy or the bailout or now, the Fed’s bailout.

So, what the heck happens now?

Damned if I know.

Can’t imagine why the tax-payers need to pay for anything now. But watch the media ignore the Fed deal and the Congress push through a bill just the same.