Tuesday, March 11, 2008

Ben Bernanke

Ben Shalom Bernanke, current Chairman of the Federal Reserve
He has been inducted for this simple reason:
The subprime fallout is 'likely to be contained'; no wait, subprime is not contained.

I think we're WAYYYYYY beyond contained now, ehhhhh, Ben.
2008-03-11: Fed to Lend $200 Billion, Accept Mortgage Securities
March 11 (Bloomberg) -- The Federal Reserve, struggling to contain a crisis of confidence in credit markets, will for the first time lend Treasuries in exchange for debt that includes mortgage-backed securities.

The Fed said in a statement in Washington it plans to make up to $200 billion available through weekly auctions. Officials told reporters on condition of anonymity that the program may be increased as needed. The Fed coordinated the effort with central banks in Europe and Canada, which plan to inject up to $45 billion into their banking systems.

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