Fed Auctions Another $20 Billion In Funds To Banks

AP   |  Martin Crutsinger   |   December 21, 2007 10:45 AM

Read More: Central Bank, Commercial Banks, Credit Crunch, Fed Auction, Federal Reserve, Breaking Business News
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The Federal Reserve, working to combat the effects of a severe credit crunch, announced Friday it had auctioned another $20 billion in funds to commercial banks at an interest rate of 4.67 percent.

The central bank said it had received bids for $57.7 billion worth of loans, nearly three times the amount being offered, indicating continued strong interest in the Fed's new approach to providing money to cash-strapped banks.

It was the second of four planned auctions. The first auction, on Monday, of $20 billion resulted in loans being awarded at an interest rate of 4.65 percent. Two more auctions will occur in early January.

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- ajax2 See Profile I'm a Fan of ajax2 permalink

Keep those presses running, Rawhide.

    Favorite    Flag as abusive Posted 01:40 AM on 12/22/2007
- Justinpassing See Profile I'm a Fan of Justinpassing permalink

FED AUCTIONS ANOTHER 20 BILLION GRAND-CHILDRENS FUTURES...

THE US ESTABLISHMENT; what a feckless gaggle of air wasters.

    Favorite    Flag as abusive Posted 08:37 PM on 12/21/2007
- mmckinl See Profile I'm a Fan of mmckinl permalink

Time to Fire the privately owned and operated Federal Reserve for cronyism, duplicity and fraud.

We need a Public Central Bank not beholden to Wall Street Banks, Hedge Funds, Investment Banks and Brokerages.

    Favorite    Flag as abusive Posted 05:11 PM on 12/21/2007
- mmckinl See Profile I'm a Fan of mmckinl permalink

Socialism for the Rich ...

The privately owned and operated Federal Reserve is now secretly bailing out its' failed and failing shareholders (the banks) at the expense of taxpayers and future inflation. This is an aggregious violation of law. The Fed has proven it can not be trusted and should be replaced immediately.

America needs a Public Central Bank not beholden to the special interests of Wall Street Bankers, Hedge Funds, Investment Banks and Brokerages.

    Favorite    Flag as abusive Posted 04:23 PM on 12/21/2007
- jasjohn128 See Profile I'm a Fan of jasjohn128 permalink

So to translate that second paragraph into plain English: commercial bank managers are lining up at the welfare, er, "auction" department and asking Uncle Sugar for more money than he's put aside to give them. (So far.)

Where's the news crews and their Action-Cams when you really need 'em? The sight of nattily-dressed bank managers queueing in the cold to sign up for welfare checks, er, "auction" benefits, ought to make for gripping television.

How long are we gonna tolerate these mooches? Why don't they just get jobs instead of stealing for a living and then expecting us to support them when they get caught?

    Favorite    Flag as abusive Posted 04:13 PM on 12/21/2007
- BenBernanke See Profile I'm a Fan of BenBernanke permalink



Economy UP UP and AWAY !!! drummroll please...
"Huh, we've got to cut rates as the economy is weak"

which is it?

"THINGS ARE GETTING BETTER... MARKET IS UP, UP AND AWAY..." BLA BLA...

TOTALLY AND OPENLY RIGGED MARKETS!

YOU IDIOTS.

*******************************************
CITIBANK AND BANKAMERICA ARE ON THE ROPES !
*******************************************

DON'T BELIEVE IT?

READ THIS...

http://globalresearch.ca/index.php?context=va&aid=6642

YOU'RE VERY SOON GONNA SEE THE GREATEST RUN ON BANKS IN HISTORY...

REMEMBER AND READ FDIC FINEPRINT... YOU ONLY GET YOUR 100K BACK WITHIN 30 DAYS... BY THEN IT IS WORTHLESS HYPERINFLATED DOLLAR JUNK...

THIS IS NOT A FINANCIAL CRISIS BUT A MARKET DISINTEGRATION!

The fact is... ALL US BANKS ARE TECHNICALLY INSOLVENT.

the faith and credit of US is the same lie as everything else, democracy, free markets, capitalism, the Bill of Rights, etc... all lies... the jig is up!

EMERGENCY ! RUN TO YOUR BANK GET ALL YOUR CASH OUT! FDIC IS A SCAM FOR HYPERINFLATED WORTHLESS DEVALUED DOLLARS! CONVERT ALL YOUR CASH INTO ‚¬UROS, RUBLES OR YUAN (CAN BE DONE IN TRAVELER CHEQUES)

DON'T DO IT AND YOU WILL LOSE EVERYTHING, GUARANTEED!

The dow will lose more than 10.000 before Xmas.
The dollar will collapse before Xmas.

Everybody's credit is about to be fucked anyway... Repay nothing, go max out the cards on cash advances and convert it all in ‚¬uros (or better Rubles and Yuan)

and hurry... a run on the banks is next... get your money out while you can...

http://globalresearch.ca/index.php?context=va&aid=6534

want some background reading? (form Bank of Int'l Settlements)

http://globalresearch.ca/index.php?context=va&aid=6209

MUST READ EXCELLENT ECON 101 review:

http://onlinejournal.com/artman/publish/article_2304.shtml

http://onlinejournal.com/artman/publish/article_2310.shtml

http://onlinejournal.com/artman/publish/article_2316.shtml

    Favorite    Flag as abusive Posted 01:43 PM on 12/21/2007
- studlyguy See Profile I'm a Fan of studlyguy permalink

but i think it's only welfare for their corporatist cronies, the American people drowning from the policies from the repukes that is coming home to roost now can fish for themselves,repukes mind set is we made our millions stealing from the treasury and now Americans welcome to your third world status ,we repukes worked really hard to get America that status ,hope you enjoy and happy holidays from the Bush regime as we bring you 1929 in full color, not black/white like it was in 1929

    Favorite    Flag as abusive Posted 11:35 AM on 12/21/2007
- Tom95134 See Profile I'm a Fan of Tom95134 permalink

The Bush administration has the printing presses running at full speed. Sounds like the Weimar Republic just before Hitler was swept into power.

    Favorite    Flag as abusive Posted 11:21 AM on 12/21/2007
- ZingoBonMot See Profile I'm a Fan of ZingoBonMot permalink

I keep asking myself why banks don't ask themselves, "Where did we go wrong?".

    Favorite    Flag as abusive Posted 11:15 AM on 12/21/2007
- mrcontinental See Profile I'm a Fan of mrcontinental permalink

How can I get some of this easy money?

    Favorite    Flag as abusive Posted 11:06 AM on 12/21/2007
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