ITWASSOOTED: "These are massive, unprecedented actions,"

Tuesday, March 18, 2008

"These are massive, unprecedented actions,"

It is the first time since the Great Depression that the Fed has stepped in directly to absorb credit losses, crossing a line deemed unthinkable just months ago. The dramatic late-night move on Sunday required dredging up Article 13 (3) of the Federal Reserve Act, which allows the Fed to shower money on almost anybody it wishes by a vote of five governors in "unusual and exigent circumstances".

The Fed also took the extraordinary step of cutting the Discount Rate a quarter point to 3.25pc just two days before its scheduled policy meeting in Washington, a move underscoring the high drama of the crisis. The markets have priced in an emergency 100 basis point cut in the key Fed funds rate to 2pc today.

yet the little man the regular man is told to pull up his boot straps and get three jobs.
banks get bailed out the little man gets put out and taxed to pay for the banks usury debacle their pryimid schemes..........................pissin me off
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