Wednesday, July 30, 2008

Chronicles Of Depression 2.0: #174

Fed extends emergency loan program for Wall Street
WASHINGTON (AP) -- The Federal Reserve said Wednesday it is extending its emergency borrowing program to Wall Street firms and is taking other steps to ease a severe credit crunch that has hobbled the national economy.

The Fed said the program, where investment houses can tap the central bank for a quick source of cash, will now be available through Jan 30. Originally the program, started on March 17, was supposed to last until mid-September.

Another program, where investment firms can temporarily swap more risky investments for super-safe Treasury securities also will continue through Jan. 30, the Fed said. And, it also will let commercial banks, in a separate program, bid on cash loans that last longer -- for 84 days, besides the 28-day loans now available.

Emphasis added by me.

Hey, all you pinstriped assholes who wag your dicks as Masters of the Universe? Look at you pack of impotent bastards turning to the public to off-load your greed! It's true: You have no shame. No conscience. You're all sociopaths who only care about yourselves. Your end is coming.

Keep trying to plug up the dikes, Fed. It's not going to work. The dikes are going to FAIL.

The system is rotting. It's eaten itself. It is going to die.

Where is your money today?

Educate yourself!

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