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IDS World Markets Mon 15th September 08


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Probably old news for you guys...........

 

http://online.wsj.com/article/SB1221467523...pecial_coverage

 

ECB, BOE Pump Extra Cash

Into Strained Money Markets

By JOELLEN PERRY

September 15, 2008 6:42 a.m.

 

FRANKFURT -- European central banks pumped extra cash into strained money markets Monday morning, after a weekend of brinksmanship that saw Wall Street titans totter and shook the U.S. financial system to its core.

 

With interest rates on the overnight loans that euro-zone banks make to one another climbing, the ECB early Monday injected ?30 billion (US$42.65 billion) in extra overnight funds into markets. The Bank of England pumped ?5 billion (US$9.87 billion) in extra three-day funds. The Swiss central bank said it would take similar steps if necessary.

 

Demand for the central-bank funds was strong, with 51 financial institutions bidding more than ?90 billion at the ECB's auction, which set the central-bank's key policy rate of 4.25% as the minimum rate at which banks could submit bids. The Bank of England saw bids worth ?24.1 billion for the ?5 billion it offered at its 5% policy rate.

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So I guess this means BAC is the safest place for consumers' cash: a new branch of the US government. They won't even have to change the name, just the logo and seal.

688543[/snapback]

 

Yes, as Astral pointed out last night, the news did not say BAC decided to buy MER; it said the Feed pushed them to. (Feed is what Crapvision Asia called the Fed last night. Better name here. They feed cash to banks in return for toxic waste loan collateral.)

 

So when there is a problem or 2, apparently the Feed has BAC buy one of the problems and lets the other go BK. Did it before with Country Fried. Who is up next?

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So I guess this means BAC is the safest place for consumers' cash: a new branch of the US government. They won't even have to change the name, just the logo and seal.

688543[/snapback]

 

If I were a small business and had bank balances that were regularly a few to several hundred thousand $'s or more, I sure as hell would have my account at BAC or JPM.

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Yes, as Astral pointed out last night, the news did not say BAC decided to buy MER; it said the Feed pushed them to.  (Feed is what Crapvision Asia called the Fed last night.  Better name here.  They feed cash to banks in return for toxic waste loan collateral.) 

 

So when there is a problem or 2, apparently the Feed has BAC buy one of the problems and lets the other go BK.  Did it before with Country Fried.  Who is up next?

688545[/snapback]

 

I wonder if they're fluffing Hank's pillow over at BAC after he leaves the Treasury??....lol

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