Sigh. I'm sick of economic liars. Time to KILL all the LOOTERS!!!!!!!!!!!!!!!
Also see: Bush Administration Driving Dow Dump
Bush Administration Created Credit Crunch Crisis
MARTIAL LAW tomorrow, readers?
"Fed to provide as much as $900B in loans to banks" by Jeannine Aversa, AP Economics Writer | October 6, 2008
WASHINGTON --The Federal Reserve will provide as much as $900 billion in cash loans to squeezed banks in an urgent effort Monday to break through a dangerous credit clog that threatens the economy and has unhinged financial markets around the globe.
The Fed's action is aimed at spurring spooked financial institutions, which are hoarding cash, to lend not only to each other but also to individuals and businesses.
To better open the lending spigots, the Fed said 28-day and 84-day cash loans being made available to banks will be boosted to $150 billion a piece, effective Monday. Those increases will eventually bring the amounts outstanding under the program to $600 billion.
Where are they getting all this money? Printing it?
Then THAT DOLLAR in your hand is going to be worth pffffffffftttt!!!!!
Loans that will be made available in November to banks also will be increased to $150 billion each. That makes a total of $900 billion in credit potentially outstanding over year end, the Fed said. In another move, the Fed said it would let an unidentified bank buy assets from affiliated money market market mutual funds, which also were not identified. The Fed, in a document, redacted this information along with how much in assets the bank would be allowed to buy from the funds. --more--"
Here is a GOOD IDEA: "Death to the Bankers!"