Thread: Fed injects 700 billion anyway

Fed takes fresh steps to battle credit crisis
Action intended to ‘expand significantly’ the availability of cash

updated 1 hour, 42 minutes ago

WASHINGTON - The Federal Reserve and foreign central banks agreed to pump billions of dollars into the global financial system Monday to unlock tight lending that threatens to unhinge the U.S. economy.

The Fed said the action is intended to “expand significantlyâ€

and dow jones went BACK UP almost 500 points.
so much for need

[quote="jamesw62"]and dow jones went BACK UP almost 500 points.
so much for need[/quote]



We all know how that will be spun....."See? We pumped in 700 billion and things improved. Point made, now give us the $$$"

We can't let down our guards for a second.

I'm confused..has the 'fed' bypassed Congress?

I am confused also!! Just how did they do this if they have no money???

Rockfish wrote:

I'm confused..has the 'fed' bypassed Congress?

I assume the federal government already has authority to make short term loans. These are short term loans that have to be payed back with interest, not bailouts.

Originally Posted by SOSADFORUS

I am confused also!! Just how did they do this if they have no money???

The Fed has unlimited money, they own the printing presses!! I suppose nowdays it is current balance files in mainframe computers somewhere.

All of the world's money is Monopoly Money.

or

They are throwing real money down a rat hole.