Treasury and the Fed Looking at Options

[MoBeck]

http://tinyurl.com/4ar4pj

**Treasury and the Fed Looking at Options **

By EDMUND L. ANDREWS and MARK LANDLER

     	 WASHINGTON — For the [Federal Reserve](http://topics.nytimes.com/top/reference/timestopics/organizations/f/federal_reserve_system/index.html?inline=nyt-org) and the Treasury Department, the crisis continues.

Without the broad bailout plan they invented and lobbied hard for, the two agencies are once again forced to careen from one desperate path to another, and to dig deep into their toolkits to rescue the global financial system. Even before the House stunned the world on Monday by rejecting the Bush administration’s bailout bill, the Fed was already resorting to the oldest action in its book: printing money.

With money markets around the world seizing in fear, the Fed on Monday announced that it would provide an extra $150 billion through an emergency lending program for banks, and an additional $330 billion through so-called swap lines with foreign central banks to help money markets from Europe to Asia.

So for once Congress actually listened to the people they represent and shot down this bailout plan so the Fed turns around and basically says, “The hell with that.”

 

[Tigg]

http://tinyurl.com/4ar4pj

So for once Congress actually listened to the people they represent and shot down this bailout plan so the Fed turns around and basically says, “The hell with that.”

Awesome to know that not every single politician has totally sold their souls to the devil. We have so little representation. The Group on the Hill very seldom listens to We the People, but they sure listen to big business.

I wonder how many reading this thread really understand that the
Fed is a private corporation - nothing “federal” about it. Sure, let’s just print more money…doesn’t cost us a thing and we can charge YOU, the taxpayer, interest on this worthless piece of paper you use for a medium of exchange.

Has anyone read “Creature from Jekyll Island?”