And there is nothing like UNDERSELLING the LOOTING, 'eh, Amerikan MSM?
Please see: U.S. Taxpayers "Loaning" Banks $440 Billion a DAY!!!!
Now read:
"Squeezed banks borrow record amount from Fed" by Associated Press | October 24, 2008
WASHINGTON - Banks borrowed in record amounts from the Federal Reserve's emergency lending facility over the past week, while investment banks drew loans at a slightly lower - but still brisk - pace, a fresh sign of the credit stresses bedeviling the country.
The Fed's report, released yesterday, showed commercial banks averaged a record $105.8 billion in daily borrowing over the past week. That surpassed the old record - a daily average of $99.7 billion - from the prior week. On Wednesday alone, $107.5 billion was drawn, an all-time high.
For the week ending Wednesday, investment firms drew $111.3 billion. That was down from $131 billion in the previous week. This category was broadened last week to include any loans that were made to the US and London-based broker-dealer subsidiaries of Goldman Sachs, Morgan Stanley, and Merrill Lynch.
The Fed report also showed that over the past week $114.2 billion worth of loans were made to money market mutual funds - via banks - to help the funds, which have been under pressure as skittish investors demand withdrawals. The Fed rolled out a new effort earlier this week to help shore up mutual funds.
Low-balling yet again! See: Fed Shovels $500 BILLION Into Money Market
Squeezed banks and investment firms are borrowing from the Fed because they can't get money elsewhere. Investors have cut them off, moving their money into safer Treasury securities. Financial institutions are hoarding whatever cash they have, rather than lending it to each other or customers. The lockup in lending has contributed to a sharp slowing in the overall economy.
How is that BOWL of SHIT tasting, Amurka?
U.S. Banks Driving Credit Crunch ON PURPOSE!!
America Never Had a Chance
The report also showed the Fed has loaned $90.3 billion to insurance giant American International Group. In mid-September, the Fed said it would provide the troubled company a two-year, $85 billion loan. And, recently the central bank said it would loan the company an additional $37.8 billion.
Also see: The AIG Honey Pot
Also in the weekly report, the Fed said the portfolio of certain assets it took over from Bear Stearns is now estimated to be worth $26.80 billion as of Sept. 30, down $29.53 billion from June 30. Maiden Lane LLC holds the portfolio of assets.
Oh, so the TAXPAYERS are ALREADY TAKING a LOSS, huh?
Critics worry the Fed's actions could put billions of taxpayers' dollars at risk. --more--"
I love how THAT CONCERN is the LAST LINE of the LAST PARAGRAPH to the PRO-BAILOUT, PRO-LOOTING Boston Globe!!!
Why not? It is NOT THEIR MONEY being STOLEN!!!!
