Fed commits $800 Billion More in taxpayer funds to unfreeze lending

November 25, 2008 by · Leave a Comment
Filed under: Policy News 

When does this insanity end?  Other than student loans which I support bailing out at any cost, I think we can be safe to say that we do not need more debt from credit cards or a new car.  Why do are elected officials not say things like “save your money” or “reduce your consumption” and “get rid of your debt” also “spend within your means”?  This seems like the sensible thing to do and would improve things like our debt levels, increase savings and move towards narrowing our trade imbalances.  

We will see who wins in the end, right now I was looking as the U.S. Dollar Index (USDX) and it is cratering right now and it has lost 3% in two days!  This madness will not stop until you get off your chair and start calling your representatives and tell them this must stop.  I am upset that my generation and my kids are going to forced to pay for this through higher taxes and a lower standard of living.  Thanks a lot, we really appreciate it.

News:

The Federal Reserve took two new steps to unfreeze credit for homebuyers, consumers and small businesses, committing up to $800 billion.

The central bank will purchase as much as $600 billion in debt issued or backed by government-chartered housing-finance companies. It will also set up a program of $200 billion to support consumer and small-business loans, the Fed said in statements today in Washington.

Source: Bloomberg    

 

 

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