No relief in sight for those who foot the bill
posted by
Clyde
10:13 AM
Fed auctions another $50 billion to banks, bringing total to $360 billion since December
Battling to relieve stressed credit markets, the Federal Reserve has provided a total of $360 billion in short-term loans to squeezed banks since December to help them overcome credit problems.
The central bank on Tuesday announced the results of its most recent auction - the 10th since the program started in December, where commercial banks bid to get a slice of another $50 billion in the short-term loans.
It's part of an ongoing effort by the Fed to help ease the credit crunch, which erupted last August, intensified in December and January and took another turn for the worst in March with the sudden crash of Bear Stearns, the nation's fifth-largest investment house.
The mighty blows of the housing, credit and financial crises threaten to push the country into a deep recession.
(Link)
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