So I Google this story which turns up with some Faux News Station in North Dakota at the top of the coverage with a couple of Freepers chiming in to tell us that the Fed spent $38 billion today to “stabilize” the market. There is even mention of a like amount having been pumped in yesterday.
The Fed’s press releaseis deliberately vague about who’s getting funded through the open market. It will be interesting to see if anybody ever follows up to see who just got bailed out with the BIGGEST Corporate Welfare checks in quite some time.
Adam Smith–Ha! Ha! TANSTAAFLHere’s some “background” for we poor plebes, courtesy of Not Atrios:
UPDATE from NYTimes:
The Federal Reserve yesterday added $19 billion to the system through the purchase of mortgage-backed securities, then another $19 billion in three-day repurchase agreements.