Fed Auctions Another $50 Billion

[BadgerKid]

Source: AP

WASHINGTON (AP) -- The Federal Reserve, still working to combat the effects of a severe credit squeeze, said Tuesday it had auctioned another $50 billion to cash-strapped banks. Meanwhile, the International Monetary Fund warned that further actions are needed globally to prevent more wrenching problems.

The Fed auction marked the ninth in a series that began in December that so far have pumped $310 billion in short-term loans into the nation's banking system.

Meanwhile, the 185-nation IMF delivered its most detailed review yet of the global credit crisis that hit last August. It said Tuesday that governments must be prepared to do more to support the global financial system if conditions worsen.

....
In a related move, the European Central Bank, which serves the 15 nations that use the euro as their common currency, announced Tuesday that it had auctioned $15 billion in short-term credit to European banks. It was the sixth auction conducted in tandem with the Fed as the two central banks continue to coordinate their efforts to battle the credit crisis.

Read more: http://biz.yahoo.com/ap/080408/fed_credit_crisis.html?.v=14

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The breaks are still squealing. When do we come to the complete stop?

[whistle]

1. To be turned over to another Big U.S. Bank bailing out more financial gambling debts

...and adding that to the taxpayers bill

No homeowners in distress will see a dime of this cheap credit

[bluevoter4life]

2. Gotta boost that economy somehow

Just using your tax dollars to do it. Don't you people understand its simple Bushonomics? :sarcasm:

[truedelphi]

3. Although supplying money to the problem might have helped avert the Great Depression

It won't work this time.

Texas and Okalhoma are no longer producing the majority of our energy needs. Since we have to import the oil, we need to keep our dollar stable.

Every dollar they print at taxpayer expense only shoves the currency into further devaluation.

The reason that the European countries see a 200% spike in oil prices while for us it is 300% is because of the devalued dollar.

[louis-t]

4. The media never reported the first 7 infusions.

I've been trying to get a count. So, it's nine times, is it? And $310 billion? Does as much harm as it does (temporary) good.

[truedelphi]

5. I think that they also leave out the 150 billion in boosts that

Were "bestowed" into the economy last year.

And worst of all, there is no mention of the fact that this is corporate welfare at its finest.

We the taxpayer get to offset the major losses of the failings of these money market "experts"

But of course, we weren't sharing in their profits before their Ponzi scheme tanked!

[MadHound]

6. And thus inflationary pressures will continue to rise

The dollar continue to devalue, and the ordinary person continue to get screwed.

[truedelphi]

7. And the non ordinary people convert their dollars to Euros

Or heavy metals. While telling the rest of us that everything is okay.