In an announcement released at two in the morning in New York, the Fed announced that it and other central banks would be providing unlimited liquidity to anyone who wanted it, more or less. Specifically, it said that participants to its new lending program, “will be able to borrow any amount they wish against the appropriate collateral in each jurisdiction.” This is like a giant no-money down, NO DOC loan to the entire global financial system. If the Fed could talk, you can imagine it saying…
October 14th, 2008 | Dan Denning | 1 comment | Continued
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