Banks pump billions to calm the markets (Central Banks pump $100 Billion into markets)

[applegrove]

Banks pump billions to calm the markets
Fed joins global bid to ease credit crisis
By Steven Syre and Ross Kerber, Boston Globe Staff | August 11, 2007

"The Federal Reserve and central banks around the world yesterday took the extraordinary step of pumping more than $100 billion into financial markets riven by a credit crisis, the largest such intervention since the September 11 terrorism attacks.

Sign up for: Globe Headlines e-mail | Breaking News Alerts In a rare public statement, the Fed said it wanted to ensure financial markets had enough money to continue operating in an orderly fashion.

"In current circumstances," the Fed said, banks "may experience unusual funding needs because of dislocations in money and credit markets."

Financial markets are reacting seemingly overnight to the jarring end of an era of easy money, when higher-risk borrowers enjoyed nearly unfettered access to huge sums at low interest rates. The market for subprime mortgages, to people with less than perfect credit histories, cracked first and remains the most seriously impaired, but other types of credit such as corporate junk bonds and mortgages backing commercial property are also under duress.

........SNIP"

http://www.boston.com/business/globe/articles/2007/08/11/banks_pump_billions_to_calm_the_markets/

[whistle]

1. How is this effecting the U.S. National Debt....

...are tax payers expected to pay for this bailout of Wall Street speculators and hedge fund gambling? :wtf:

[TheFarseer]

2. wait til we start bailing out

people who bought too much house and credit card companies when people can't pay their credit card bills. This is what happens when you elect the biggest Santa Claus you can find like we have been the last few decades.

[Tellurian]

3. We wouldn't have this problem if the gov wasn't spending $1B mo..

on a useless war. Our financial system has been bankrupted. We have no reserves. China is financing this war deepening our indebtedness to them in the Trillions of dollars. The value of the US dollar is in continuous decline.

Just imagine if Bush had been able to get his grimy hands on Social Security and invested it in the stock market like he was proposing last year. If we think this is bad, it could have been a whole lot worse if Congress had caved in to Bush's scheme. We'd be seeing the elderly roaming the streets homeless and penniless. The disabled living from day to day and our soldiers returning home, shit outta luck, if they need continuing care addressing war injuries.

[barack4prez]

4. The money supply

is growing at a dangerous rate. The dollar is being rapidly destroyed.