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18-Mar-08
Let he who is without sin
You can't fight the Fed. I will set some tight stop loss and will probably get whipsawed but its this announcment by the Fed that has me worried that no US bank will ever again go bankrupt or have its share price decline (italics mine):
The Federal Reserve has announced that the Federal Reserve Bank of New York has been granted the authority to establish a Primary Dealer Credit Facility (PDCF). This facility is intended to improve the ability of primary dealers to provide financing to participants in securitization markets and promote the orderly functioning of financial markets more generally.
The PDCF will provide overnight funding to primary dealers in exchange for a specified range of collateral, including all collateral eligible for tri-party repurchase agreements arranged by the Federal Reserve Bank of New York, as well as all investment-grade corporate securities, municipal securities, mortgage-backed securities and asset-backed securities for which a price is available.
The PDCF will remain in operation for a minimum period of six months and may be extended as conditions warrant to foster the functioning of financial markets.
Posted at 16:21 in Uncategorized | Permalink | Top
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