drieuxster (drieuxster) wrote,

More Glorious Military Victoriousness On The East Front!!!

All Hail The Victorious Gloriousness of Mission Accomplished
The Federal Reserve will provide up to $540 billion in loans to help relieve pressure on money-market mutual funds beset by redemptions.

``Short-term debt markets have been under considerable strain in recent weeks'' as it got tougher for funds to meet withdrawal requests, the Fed said today in a statement in Washington. A Fed official said that about $500 billion has flowed since August out of prime money-market funds, which with other money-market mutual funds control $3.45 trillion.

The initiative is the third government effort to aid the funds, which usually provide a key source of financing for banks and companies. The exodus of investors, sparked by losses following the bankruptcy of Lehman Brothers Holdings Inc., contributed to the freezing of credit that threatens to tip the economy into a prolonged recession.

``The problem was much worse than we thought,'' Jim Bianco, president of Chicago-based Bianco Research LLC, said in a Bloomberg Television interview. Policy makers are trying to prevent ``Great Depression II'' by stemming the financial industry's contraction, he said.

[ cf Fed to Provide Up to $540 Billion to Aid Money Funds (Update6) ( emphasis mine ) ]
How can anyone doubt that this is clearly the Freedom of The Free Trade in Free Markets....

Hey dude, how would you like a Certified Pre-Owned Free Market, original equipment, used by a little old lady on sundays to go to church and shoot craps and play bingo...

And to think some EVIL LIBERAL RINO RAVE DANCERS were acting as if we would have to wait until Obama got elected for some kind of International Crisis....

Are YOU doing your part to liquify the liquidity markets into Bail Out Welfare Queens???
Tags: economics, election, war

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