"Fed may stretch purchases of government debt; Seeks to avert stimulus overdose" by Jeannine Aversa, Associated Press | June 23, 2009
WASHINGTON - Some economists say that at the end of their two-day meeting tomorrow, Fed chairman Ben Bernanke and his colleagues may stretch their purchases of government debt to avoid an abrupt end to that effort, now slated for August. That could help avert possible market disruptions and ease fears about triggering inflation....
In March, the Fed launched a bold $1.2 trillion effort to drive down rates on mortgages and other consumer debt, to try to revive lending and get Americans to spend freely again.
What a crock of crap.
Then HOW COME CREDIT is STILL FROZEN?
Bankers' stuffed their POCKETS with it, huh?
It said it would spend up to $300 billion to buy long-term government bonds in the next six months and boost its purchases of mortgage securities. So far, the Fed has bought about $177.5 billion in Treasury bonds.
Some analysts said the Fed might opt to slow its purchases of mortgage-backed securities. The Fed is on track to buy up to $1.25 trillion worth of securities issued by Fannie Mae and Freddie Mac by the end of this year or early next year. Its recent purchases have averaged $455.3 billion....
Doesn't sound to good. They just printing money to purchase all this crap?
You know where that leads.
And if not, YOU-KNOW-WHO will be FOOTING the BILL (with interest payments, of course).
Michael Feroli, an economist at JPMorgan Economics: “The Fed’s action on the mortgage side is having an adverse impact on liquidity. Not a lot is being traded because the Fed is buying up anything that hits the market and holding it.’’
--more--"I guess that's why they no longer needed this:
"Fed trims emergency lending programs" by Bloomberg News | June 26, 2009
WASHINGTON - The Federal Reserve will let one of its emergency programs expire and trim two others, a sign that improving financial markets allow a first step toward ending its unprecedented interventions.
After what you just read above, WTF?
Either the FED or the PAPER is LYING!! Take your pick!
The three programs provide cash or Treasuries to securities brokers and money-market funds and were authorized under a provision allowing special loans under “unusual and exigent circumstances.’’
Five programs, including currency swaps with other central banks, were extended by three months to Feb. 1. The announcement comes a day after Fed officials doused speculation they would pump more money into the economy to hold down interest rates.
No they are just going to BUY all the DEBT, right?
Isn't that the same as pumping money in?
Officials expect to wind down the emergency-credit facilities as long as stresses remain “moderate as expected,’’ the Fed said. “They backed away pretty gingerly,’’ said Michael Feroli, an economist at JPMorgan Chase & Co. in New York.
Oh, they talked to him again, huh?
--more--"
And I'm not the only one who doesn't trust the Fed.
Even Congress has it doubts:
"Senate skeptical of financial oversight plan" by Anne Flaherty and Jim Kuhnhenn, Associated Press | June 19, 2009
WASHINGTON - Members on both sides of the aisle questioned whether the administration was putting too much faith in the Federal Reserve.
Under Obama’s plan, the Fed would oversee institutions deemed so big or influential in the market that their failure could seriously damage the economy. A council of federal regulators, including the Fed, would help monitor the market for risk. But the Fed would ultimately be accountable for ensuring companies don’t make overly risky bets.
Can you SMELL the FASCISM, folks?
Several lawmakers have suggested tasking the council of regulators with the job and criticized the Fed for its role in the recent crisis.
“The reality is they [the Fed] had the knowledge and authority to address the mortgage problem long before it became a crisis, and they didn’t act,’’ said Senator Robert Menendez, Democrat of New Jersey.
Yeah, because THE WHOLE THING was done ON PURPOSE by those BRIGHT WIZARDS to ADVANCE the ECONOMIC INTEGRATION PLANS and the WORLD GOVERNMENT!!! Paper won't tell you that; I WILL!!!!!!
Other lawmakers questioned whether the Fed could become an effective super-regulator while retaining its role as the nation’s central bank and setting monetary policy. Treasury Secretary Timothy Geithner defended the proposal as the nation’s best shot, saying the Fed was the best option because it was the only institution with the capacity and expertise to monitor the “too big to fail’’ firms.
Well, we know why she got booted out of the loop.
Giving the power to the council of regulators could delay action in a crisis, he added. “You cannot convene a committee to put out a fire,’’ he said.
A firehouse of one?
And doesn't that just REEK of the SHOCK DOCTRINE -- the same FEAR-MONGERING they used to get their revolving bailout fund!
--more--"
Yup, but my PRO-CORPORATE, PRO-FED, PRO-BANKS, agenda-pushing Boston Globe isn't CONCEALING or OMITTING anything from the "debate."
Case closed on those f***s!
