Tuesday, September 30, 2008
The Revolution Will Not Be Televised
The $700 Billion bailout bill failed yesterday. Meanwhile:
The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.
The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.
Fed Pumps Further $630 Billion Into Financial System
Responding to ongoing strain in credit markets, the Federal Reserve, European Central Bank, Bank of Canada, Bank of England, Bank of Japan, Denmark's National Bank, Norges Bank, Reserve Bank of Australia, Riksbank and Swiss National Bank announced plans to increase funding operations worldwide. ...
The Fed announced that its swap agreements have been increased to $620 billion from $290 billion, with the European Central Bank accounting for $240 billion, $120 billion from the Bank of Japan, $80 billion from the Bank of England, $60 billion from the Swiss National Bank, $30 billion from the Bank of Canada, 20 Billion from the Reserve Bank of Australia, $30 billion from the Swedish Riksbank, $15 billion from the Norges Bank, and $15 billion from the Denmark's National Bank.
Global Central Banks Increase FX Swap Facilities With Fed
The increase to $75 billion per auction will triple the supply of 84-day maturity credit to $225 billion from $75 billion. ...
The Federal Open Market Committee (FOMC) has authorized a $330 billion expansion of its temporary reciprocal currency arrangements (swap lines). This increased capacity will be available to provide funding for U.S. dollar liquidity operations by the other central banks.
Federal Reserve Press Release
The revolution will not be right back after a message
about a white tornado, white lightning, or white people.
You will not have to worry about a dove in your
bedroom, a tiger in your tank, or the giant in your toilet bowl.
The revolution will not go better with Coke.
The revolution will not fight the germs that may cause bad breath.
The revolution will put you in the driver's seat.
The revolution will not be televised, will not be televised,
will not be televised, will not be televised.
The revolution will be no re-run brothers;
The revolution will be live.
The Revolution Will Not Be Televised
Labels: economy
