Fed has made borrowing from the discount window easy

Discussion in 'Economics' started by The Kin, Jun 20, 2008.

  1. Blow up your account, you can always call the discount window at the federal reserve and try and negotiate (beg) for access.

    Q. How do we request an advance from the Discount Window?

    A. Requesting an advance requires a simple phone call to your Reserve Bank.

    Please be prepared to supply the following information:

    -Name and location (city and state) of your institution.

    -Your institution's ABA and telephone number.

    -Your name and title.

    -The type of credit you are requesting.

    -The amount of the advance you are requesting.

    -The number of days that funds will be needed.


    Type of Credit

    Primary Credit - No questions asked.
    Secondary Credit - Additional information regarding the financial condition of the institution and the reason for borrowing may be necessary to complete the request.
    Emergency Credit - In unusual and exigent circumstances, the Board of Governors may authorize a Reserve Bank to provide emergency credit to individuals, partnerships, and corporations that are not depository institutions. Reserve Banks currently do not establish an interest rate for emergency credit, but Regulation A specifies that such a rate would be above the highest rate in effect for advances to depository institutions. Such lending may occur only when, in the judgment of the Reserve Bank, credit is not available from other sources and failure to provide credit would adversely affect the economy.


    NY Fed's Discount Window: (866) 226-5619
  2. If the line is busy, just try again in a few minutes. It won't take LEH all day.
  3. Keeping those printing presses running at full speed
  4. 50_Bip


    I just borrowed $100 bucks to go party this weekend..
  5. piezoe


    I may be time to go Long on Crane & Co.:D
  6. I tried to call and tell them I was defaulting, but MER and C keep tying up the line
  7. This reminds me at a gathering of traders here in NYC after the workday around this time last summer when Cramer had his meltdown on CNBC about the discount window. Yours truly, after having a few Captains got behind the spirit and stood up in the middle of the crowded bar and started shouting "I'm walking down to the Fed and banging on the door saying LET ME INTO THE DISCOUNT WINDOW! OPEN THE DARNED DISCOUNT WINDOW!!!"

    LOL :D

    I wonder if I can still walk up to the Fed's door downtown and ring the doorbell and ask for a couple hundred thou and slap down some mortgage papers as 'risky collateral' ROFL