Federal Reserve Act 23A - YOUR money now propping up bad real estate portfolios.

[paparush]

From what I'm reading, during the recent storm of Lehman, Merril, and AIG, Bush, Bernanke, and Paulson have agreed to allow banks to violate Federal Reserve Act 23A

What does this means? It means that until January 30th (ten days after the innauguration) Bank of America, et al, can use the dollars in my savings account to prop up its new slew of failing mortgage backed securities.

So, its not just the banks' money, or money they've borrowed, or money they've earned from their own investments. Its our money..our cash..our college savings accounts...our retirement.

http://news.google.com/news?hl=en&tab=wn&ned=us&q=23a&btnG=Search+News

http://www.fool.com/investing/general/2008/09/16/lehman-liquidity-and-you.aspx

Some smart DU investor or financial advisor, please tell me I'm wrong. Tell me I'm misreading this. Tell me I don't know what the hell I'm talking about.