Sunday, October 19, 2008

U.S. Taxpayers "Loaning" Banks $440 Billion a DAY!!!!

You have that kind of money, 'eh, American taxpayers?

And where is your bailout, might I ask?

"Banks borrow record $437.5 billion per day from Fed

NEW YORK (Reuters) - Financial institutions ran to their lender of last resort for record amounts of cash in the latest week, under extreme pressure from the worst global financial crisis in a generation, Federal Reserve data showed on Thursday.

Banks and dealers' overall direct borrowings from the Fed averaged a record $437.53 billion per day in the week ended October 15, topping the previous week's $420.16 billion per day.

Some analysts are concerned that banks' dependence on Fed lending might become long term and difficult to change. "The banking system is going to become addicted to this very cheap money. Unwinding it will be very difficult," said Howard Simons, strategist with Bianco Research in Chicago. --more--"

Hey, it is all for your own good, America -- even if you don't get any help with that mortgage!