Fed Lending 20 Billion, Big Woopie

The Federal Reserve announced Wednesday that it was lending $20 billion to banks in the first of four special auctions designed to help alleviate the credit crunch on Wall Street.

The Fed said that it received requests for $61.6 billion in loans from 93 bidders - illustrating strong demand by banks that need short-term funds. The winning bidders will receive their loans, which will mature in 28 days, on Thursday.

Initially, stocks moved modestly higher Wednesday following the release of the auction results but headed lower in early afternoon trading. The price of bonds fell at first but wound up rallying later in the morning, pushing the yield on the benchmark 10-year U.S. Treasury note down to 4.09 percent. Bond yields and prices move in opposite directions.

This is obnoxious and absurd, what 20 billion dollars is supposed to help a
trillion and a half dollar problem and then they have the balls to make themselves sound like heroes.
They should be put to sleep like rabid animals. The only request I have seen or
heard of that was more ridiculous was directly from Hillary when she said we need a billion dollar fund to help. That narrow minded behavior is your first warning for
what could be.
Sorry to change my positive thinking but, I am now sick of people being lied to
and told "Every thing's going to be Fine." Horse shit if you ask me. We are going
to face one of the largest recessions since the depression.

-Christopher Rockey