You can add this to the list now, readers:
"State Treasurer Timothy P. Cahill this week approached the US Treasury and the Federal Reserve Bank of Boston about lending Massachusetts money under the same extraordinary terms the government is giving banks and Wall Street firms during this financial crisis."
"With the credit crisis cutting off access to short-term financing, California
I'm NOT PROUD to be associated with such AWFUL STATES, folks! Please, DON'T EVER COME to Massachusetts because IT SUCKS!!!!!
Also see: Banks Blackmail Colleges Over Bailout Bill
Banks Blackmail Businesses Over Bailout Bill
Banks Blackmail Cities Over Bailout Bill
Banks Blackmail States Over Bailout Bill"Mass. may seek a US loan as credit markets dry up" by Beth Healy, Globe Staff | October 4, 2008
State Treasurer Timothy P. Cahill this week approached the US Treasury and the Federal Reserve Bank of Boston about lending Massachusetts money under the same extraordinary terms the government is giving banks and Wall Street firms during this financial crisis.
The request was prompted by the state's inability to borrow from the short-term debt markets because the financial turmoil has essentially caused credit markets to stop lending or charge prohibitive rates.
Remember, readers, U.S. Banks Driving Credit Crunch ON PURPOSE
Earlier this week, Cahill's office shelved a $750 million debt offering because there were no buyers for state or municipal debt, he said. He did say how much the state might want to borrow from the Fed.
See: Banks Squeeze States in Bailout Blackmail
And don't we BORROW ENOUGH around here?
Even as we have $2 billion dollars sitting around?
So STATE GOVERNMENTS WORK FOR BANKS, huh? Who knew?
Cahill said the state has enough available funds to cover its expenses for the coming weeks. But he would not predict when the government would run into a cash shortfall should the borrowing problems persist. Federal officials have not yet responded to Cahill's request, he said yesterday. Officials at the Boston Fed and US Treasury did not return calls seeking comment.
The treasurer is going to try to float the $750 million offering again next week. Cahill and other government treasurers hope the passage of the federal bail-out package yesterday will calm credit markets and revive sales of municipal debt. If the credit markets remain tight, Cahill said the Fed should offer the state the same low-rate loans or assistance the central bank has been giving the nation's banking system during the credit crisis.
What do you mean IF?!!
There was NO IF when this thing was RAMMED DOWN OUR THROATS!!!!!!!!!!!
"That's all we would ask them to do: Treat us like the investment banks," Cahill said. State and local governments and other tax-exempt borrowers sold about 15 percent less debt in this week in credit markets than in typical periods, according to data compiled by Bloomberg.
One major obstacle for governments - and private companies, too - is that a major buyer of the short-term debt they issue, the $3.4 trillion money market mutual fund industry, is sitting on the sidelines, too, analysts say.
Yeah: Mutual Funds Say Bailout Bill Not Needed and Boston Fed Bails Out Money Markets
WTF, readers? Tired of the MSM and BUSINESS LIES yet?!!!!
Matt Fabian, managing director at Municipal Market Advisors, a research firm in Concord that follows government debt markets, said one reason for the reticence of money market mutual funds, is that the insurance companies that routinely back up the debts they buy are themselves financially weak, adding to the nervousness about holding those securities.
Also, he said these mutual funds feel they need to have more cash on hand than normal to repay anxious customers who want their money back. Two weeks ago, money market mutual funds were the scene of panic as investors withdrew $210 billion out of fear their money was not safe; Putnam Investments of Boston was forced to close a $12.3 billion fund because of an onslaught of redemption requests. Also, several funds saw their net asset values fall below the $1-a-share level because of money-losing investments -meaning their shareholders stood to get less than $1 back for every $1 they had invested.
Translation: Your PENSIONS and MONEY MARKET accounts are NOT GUARANTEED AT ALL -- even WITH the BAILOUT! Glad I sent the letter to WITHDRAWAL all MINE!!!!
Oh, America, did YOU EVER GET YOUR ASSES REAMED YESTERDAY!!
You got FUCKED but GOOD!! Time to start TAKING HEADS OFF, folks!!!!!!!!!!!
Fidelity Investments, the nation's largest money market manager, has $500 billion in money market mutual funds. One person involved in selling government debt to Fidelity and other money market fund managers said the Boston investment giant had cut back on buying certain government debt in recent days. But a spokesman for Fidelity said it had not retreated from that market.
The US government recently took steps to ease the pressures on the money market mutual fund industry by temporarily insuring accounts and helping fund managers with cash-flow problems. Yet the markets still remain tight.
Remember, readers, U.S. Banks Driving Credit Crunch ON PURPOSE
Now, some financial analysts are predicting the passage of the bailout yesterday would lead to credit markets loosening in the coming days, though it might be weeks before conditions begin to return to normal. --more--"
Pffft! Sigh.
PREDICTS? MIGHT BE? What if this market NEVER RETURNS to "normal?"
How does that ASS FEEL, 'murka, as you GOBBLE DOWN that BOWL of SHIT the POLTICIANS and MSM worked SO HARD to GIVE YOU?
OFF with their FUCKING HEADS!!!!!!!!!!!!!!!!!!!
