Rogue Dark

Fed Fails To Halt Debt Meltdown

in yet another attempt to to bring the global debt meltdown now in advancement, the fed lowered the discount rate and expanded lending to heyday dealers in an emergency weekend meeting.in its first weekend emergency action in almost three decades, the central bank lowered the so-called discount classify by a quarter of a percentage point to 3.25 percent.the fed also force lend to the 20 firms that buy treasury securities directly from it. in a auxiliary step, the fed settle upon take care of up to $30 billion to jpmorgan chase & co. to help it resources the acquiring of bear stearns cos. after a apprehend on exasperate street’s fifth-largest securities firm.opening up lending to firms other than commercial banks represents a kaftan in the fed’s 94-year history.”it is a serious augmentation of putting the federal reserve’s balance sheet in harm’s way,” said vincent reinhart, former director of the division of pecuniary affairs at the fed and today a scholar at the american enterprise institute in washington. “that’s got to tell you the economy is in a pretty precarious state.”"we au fait that stand stearns’s balance sheet on nearly equal examination was worth a 10th of its market value,” said reinhart.”clearly, the fed is distressing to provide more liquidity to prevent a more vicious cycle and race to the bottom,” said gary schlossberg, older economist at wells capital management in san francisco, which oversees $200 billion. “the fine kettle of fish is there’s so much disquiet about depend on status that now there are solvency issues, and it’s something the fed has a more difficult time dealing with.”yesterday’s events are “nothing like the 1970s, which was about fighting inflation,” said david m. jones, a erstwhile unfamiliar york fed economist. “this is fighting a dissentious, self-reinforcing process” of sliding collateral values, tighter bank confidence and weakening of economic conditions, he said.nothing like the 70’s nothing like the 70’s is right. here is corroboration.yield curve as of march 16, 2008

Wainhouse Research – Alan Greenberg
Alan D. Greenberg is practice manager for the Wainhouse Research Distance Education and e-Learning advisory service and also covers mobile conferencing and the suite of unified …

Alan Greenberg
Alan Greenberg: Alan C. Greenberg is Chairman of the Executive Committee of The Bear Stearns Companies Inc. He served as Chairman of the Board of Bear Stearns from 1985 to 2001 …

Alan Greenberg, 55, sportswriter for Hartford Courant – The Boston …
As a sportswriter and a columnist for the Hartford Courant, Alan Greenberg was well known for his award-winning articles.

click on chart for sharper imageare failing as regards interest rates at 1.16% (and falling) indicative of stagflation? certainly not. you can kiss stagflation theories goodbye on the basis of the above chart. somehow the myth persists.primary retailer ascribe facilityhere is the federal dodging press release announcing the ultimate dealer credit facility.the federal reserve has announced that the federal reserve bank of new york has been granted the authority to establish a primary dealer praise facility (pdcf). this ease is intended to improve the ability of primary dealers to provide financing to participants in securitization markets and publicize the orderly functioning of fiscal markets more generally.the pdcf will require overnight funding to primary dealers in exchange for a specified range of collateral, including all collateral fitting for tri-party repurchase agreements arranged by the federal reserve bank of new york, as well as all investment-score corporate securities, municipal securities, mortgage-backed securities and asset-backed securities for which a assess is accessible.the pdcf longing stay in operation because a minimum aeon of six months and may be extended as conditions ensure to foster the functioning of financial markets.facility failuresbear stearns implodes the fed’s emergency weekend actions above are all part of a failing effort to contain the fallout from the demise of bear stearns. on friday bear stearns was worth $30 a share. sunday evening support stearns was worth $2 a share as tender buyers lionize bear stearns’ demise.no matter what, to get jpmorgan to commit to the deal, the fed has agreed to fund up to $30 billion of bear stearns’ less liquefied assets.the stated book value of back up a survive stearns model friday was $80 billion. my quick math shows the genuine book value of upon stearns was as little as -$28 billion winsome into account fed guarantees. that should put some changed interpretation to the term “marked to market”.thin

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