he European Central Bank allotted $501 billion (348 billion euros) to banks after offering unlimited funds, taking the coordinated action announced by four central banks last week a step further in a bid to alleviate the global credit crunch. In a statement, the central bank said late Monday that it would satisfy all bids for two-week funding at or above 4.21%. The move appeared to be aimed at satisfying any funding gaps as banks close their books for the year. Banks took 348.6 billion euros at the 4.21% rate, the ECB said on Tuesday. The new ECB plan already has succeeded where the coordinated action didn't -- two-week lending rates in the euro area have dropped to 4.5% from 4.9%. That's the second time in the bank's nine-year history, and the second time since August, that the ECB has offered unlimited funds http://www.marketwatch.com/News/Sto...AF14-9F98-477C-BFF4-9F2BB5C62DCD}&siteid=mktw
What's not to like when it comes to socialism?!?!? <object width="425" height="355"><param name="movie" value="http://www.youtube.com/v/-W8xnrRRS44&rel=1"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/-W8xnrRRS44&rel=1" type="application/x-shockwave-flash" wmode="transparent" width="425" height="355"></embed></object>