Gold $1000 here we come. Crude $120 is a chip shot from here with this Fed. Where can I get my loan? I've got some beanie babies worth more than a lot of this junk paper the banks are stuck with which they can now unload on the Fed for cash. What a steal.
I don't guess the Fed would have anyone watching support levels on the Futs to time the news releases? Nah.
The Fed needs to take a step back. Let all the chips fall , bank failures, so be it.; we all make our own beds. Cheers.
Press Release Release Date: March 11, 2008 For immediate release Since the coordinated actions taken in December 2007, the G-10 central banks have continued to work together closely and to consult regularly on liquidity pressures in funding markets. Pressures in some of these markets have recently increased again. We all continue to work together and will take appropriate steps to address those liquidity pressures. To that end, today the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announcing specific measures. Federal Reserve Actions The Federal Reserve announced today an expansion of its securities lending program. Under this new Term Securities Lending Facility (TSLF), the Federal Reserve will lend up to $200 billion of Treasury securities to primary dealers secured for a term of 28 days (rather than overnight, as in the existing program) by a pledge of other securities, including federal agency debt, federal agency residential-mortgage-backed securities (MBS), and non-agency AAA/Aaa-rated private-label residential MBS. The TSLF is intended to promote liquidity in the financing markets for Treasury and other collateral and thus to foster the functioning of financial markets more generally. As is the case with the current securities lending program, securities will be made available through an auction process. Auctions will be held on a weekly basis, beginning on March 27, 2008. The Federal Reserve will consult with primary dealers on technical design features of the TSLF. In addition, the Federal Open Market Committee has authorized increases in its existing temporary reciprocal currency arrangements (swap lines) with the European Central Bank (ECB) and the Swiss National Bank (SNB). These arrangements will now provide dollars in amounts of up to $30 billion and $6 billion to the ECB and the SNB, respectively, representing increases of $10 billion and $2 billion. The FOMC extended the term of these swap lines through September 30, 2008. The actions announced today supplement the measures announced by the Federal Reserve on Friday to boost the size of the Term Auction Facility to $100 billion and to undertake a series of term repurchase transactions that will cumulate to $100 billion. Information on Related Actions Being Taken by Other Central Banks Information on the actions that will be taken by other central banks is available at the following websites: Bank of Canada Bank of England European Central Bank Swiss National Bank Statements by Other Central Banks Bank of Japan
On Bloomberg TV early this morning there was an item about Fed considering other options to help credit markets on the news crawler. This was around 6:30. PS. This may not be such a bad deal for the Fed or the taxpayer. Its for AAA paper. Some of this stuff is selling at a ridiculous discount. But if this rally can't hold for the day, watch out.
Nitro KNEW! :eek: I'm calling for an investigation!! (j/k. thanks, bud. was long indexes and short bonds)
Didn't Warren Buffet offer to take the best rated stuff from AMBAC? They turned him down and complained he wouldn't take the subprime crap (like he was going to drink the Kool-Aid after avoiding it?). Is taking on the AAA only the same thing? Then doesn't the Fed own the best stuff like Buffet was trying to do? If so - then exactly who is that Fed that is the new Buffet?
sweet, I'll finally be able to get rid of those old christmas decorations and winter tires I have rotting the basement.