What the hell is going on in NYC? Why aren’t the police down at 33 Liberty Street making arrests? Something is very wrong.
The New York Federal Reserve Bank said Friday it will inject billions into the US financial plumbing on a daily basis for the next three weeks in an effort to prevent a spike in short-term interest rates.
The Fed will offer up to $75 billion a day in repurchase agreements — exchanging secure assets for cash for very short periods — through October 10, it said in a statement.
In addition, it will offer three 14-day “repo” operations of at least $30 billion each.
And, this started on Monday (not starting today or next Monday) – 25 days of crisis cash? Plus another ten days of REPO BUCKS!!! (Like something out of the “education” lottery, no?) Run those numbers and this adds up to a $2.3 TRILLION DOLLAR* BAILOUT of the G-D banks! Out of thin air! I ain’t buying any of the excuses – bond-buying sprees, CDS collateralization, Antonio Brown getting cut, whatever. This is financial sorcery running amuck. The Goldman Sachs says we’re in for a rough October. No kidding, guys.
*$2.3 Tn, again just *POOF* created out of nothing, is almost enough to pay off all existing student loans and all credit card balances. Remember that, Ma and Pa Debtor, when the government runs up even more debt, on your backs, for another, larger future bailout, while telling you “we all have to do our parts” to help the “Too Big To Fails.” Remember and vote or something. Hold your breath.