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Monday, March 17, 2008
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Get in the soup line early
posted by
Dookie The Webmaster
11:56 AM
Fed Cuts Discount Rate, Lends More to Avert Meltdown
The Federal Reserve, struggling to prevent a meltdown in financial markets, cut the rate on direct loans to banks and became lender of last resort to the biggest dealers in U.S. government bonds.
In its first weekend emergency action in almost three decades, the central bank lowered the so-called discount rate by a quarter of a percentage point to 3.25 percent. The Fed also will lend to the 20 firms that buy Treasury securities directly from it. In a further step, the Fed will provide up to $30 billion to JPMorgan Chase & Co. to help it finance the purchase of Bear Stearns Cos. after a run on Wall Street's fifth-largest securities firm.
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The move is Chairman Ben S. Bernanke's latest step to alleviate a seven-month credit squeeze that's probably pushed the U.S. into a recession. The dollar tumbled to a 12-year low against the yen and Treasury notes rallied as traders increased bets that officials will reduce their main rate by 1 percentage point when they meet tomorrow.
That $4 dollar gas sure helps!
Permalink
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2 comments
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Does anyone remember Hooverviles? Or the Grapes of Wrath?
posted by
at 5:52 PM |
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Just fucking great. The friggin Fed caused most of the problem, and now they're going to "help" again? If the Federal govt. "helps" us any more we'll all be digging for grubs and eating bark off any trees that escape their "help".
posted by
at 3:12 AM |
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