So, we have at least $300b to Fannie/Freddie, $85b AIG, $30 Bear/Stern, HOW MANY BILLIONS form BERNANKE? At least $500b or so! Now the Boston Fed kicks out $70b. Toss in $180b the other day, and about $250b out to foreign banks, I don't know.
What's that come up to, readers? The #s just slid off my calculator.
Where they getting all this $$$$?
PRINTING IT?
Uh-oh!
Also see: Americans Pulling Money Out of Markets
"Boston Fed leads loan plan to ease money market fund woes" by Steven Syre, Globe Staff | September 26, 2008
The Federal Reserve Bank of Boston loaned $72.7 billion to commercial banks across the country during the first three days of this week in an effort to ease intense pressure on the nation's money market mutual funds and rejuvenate markets where short-term debt is traded.
The loan plan was one of several recent efforts implemented by the Federal Reserve and US Treasury to alleviate pressure on money market funds that were facing demands from customers who wanted their money back. The requests put the funds at risk of losing money by having to sell holdings in a frozen market.
--more--"So WHY is there NO CREDIT?
