"Firms have hoarded cash and clamped down on lending."
Into BANKS' POCKETS, huh?
Just like I've been saying, readers!!!
"Fed moves to unclog US credit crunch" by Associated Press | July 31, 2008
WASHINGTON - Focused on getting the nation's credit gears smoothly working again, the Federal Reserve is letting Wall Street firms draw emergency loans into next year and giving financial companies more options to help them overcome credit problems.
The Fed's announcement yesterday marks its latest effort to get credit - the economy's oxygen - flowing more freely. A global credit crisis that erupted last August has hobbled the US economy, already reeling from a housing meltdown.
As financial companies have racked up multibillion dollar losses on soured mortgage investments and credit problems spread to other areas, firms have hoarded cash and clamped down on lending. That has crimped spending by people and businesses, which in turn has weighed on the national economy - a vicious cycle the Fed wants desperately to break."
Then why did they work so hard to create the crisis?
As companion pieces, please see: Ron Paul Revolution Excerpts: Economic Freedom and Ron Paul Revolution Excerpts: Money
Also see: Your Ron Paul Primer
