The Federal Reserve on Tuesday unveiled $800 billion in programs designed to relieve severe pressures in financial markets, and ensure that mortgages, student loans, car loans and other forms of consumer credit remain available at reasonable prices.
Treasury Secretary said: "It's a challenging area." How exciting for him! What makes him think that private people will do anything more than hoard money? Does he have their guarantee? Did he sit down with the institutions that funneled some of their investor funds into these securities and get their signed guarantee that they would invest in more?
I'm thinking the Fed heard Obama's plans and then they cynically announced another plan to trickle up more money to rich investors ore institutions "hoping" that they will invest more. They noted that the level of asset-backed securities being issued to provide cash for consumer loans "declined precipitously". They're hoping that by buying existing securities more will be purchased by investors? What the heck are they thinking? The Fed is "hoping" that private investors will be willing to invest? The Fed is "gambling" with taxpayer money! Again!
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