Fed: The Fire Is Out of Control;
Pour On More Fuel!
March 7, 2008 (EIRNS)Noting that there is a "deepening credit crisis" in the banking system, the lunatics at the U.S. Federal Reserve today announced that their hyperinflationary pumping of cash into the banking system has simply not been fast enoughso they will double the pace. Rather than auctioning a mere $30 billion on March 10 and March 24 (as they have done monthly for the past several months), they will increase that to $50 billion each.
Not enough? No problem: They also announced that $100 billion will be made available through 28-day repurchase agreements, in exchange for the highly prized mortgage-backed securities.