That (the title) was how I put it at lunch, when we were discussing central banks pouring more money into the system while markets are tanking. Dark Wraith put it almost as snarkily.

Forget for a moment that what the Fed is doing is trying to inflate away a market crash. For the time being, we should hope only that the central bank and its friends around the world are ready to blow $40 billion every trading day to keep the welfare train on track for the Wall Street boys. It’s a win-win situation: the fatcats keep their money, the suckers take the losses, the Bush Administration keeps its hero status for the rich, and the Fed maintains its reputation as both the enabler and the drug dealer for all the liquidity addicts and their conjoined Republican incompetents.

Easy money is how we got into this mess, so more easy money isn’t going to fix it. We should all be asking ourselves who’s being saved here, and at whose expense, when the Fed acts to prop up the stock market. DW’s version is a bit simplistic (not all stockholders are fat cats) but it captures the essentials.