When I read this quote, I thought I should pass it on to everyone who might be interested. If it is true it has sweeping implications:
“The Federal reserve is not renewing loans it has made to banks.
They have repeatedly taken the stance that this is a crisis of liquidity
and have injected hundreds of billions into the financial system and
they are asking for another $700 billion to do the same.
However in the last several days they have removed over $110 billion
dollars; or approximately 1/3rd of all the money they have lent out
short term.
This is extremely unstable for our financial system and if allowed to
continue will result in more failures.
Many people that we’ve talked to are starting to wonder if it’s
intentional to create a crisis to get their bill passed.”
