Sarah: Economic Giant

[rayboyusmc]

Sarah said yesterday that we won't be bailing these last two loser out. It won't be costing the American Taxpayers this time.

WASHINGTON - Urgently trying to keep cash flowing amid a Wall Street meltdown, the Federal Reserve on Tuesday pumped another $70 billion into the nation's financial system to help ease credit stresses.

(Sarah doesn't know didley.)

The Federal Reserve Bank of New York's action came in two operations in which $50 billion and then another regularly scheduled $20 billion were injected in temporary reserves.

The maneuver takes place as Federal Reserve Chairman Ben Bernanke and his central bank colleagues prepare to meet to decide their next move on interest rates and conduct a fresh assessment of the country's financial and economic troubles.

Some believe the financial system turmoil raises the odds the Fed will cut rates. Others still predict the Fed will hold its key rate steady at 2 percent.

In the last few days, the American financial system has been badly shaken as bad bets on dodgy mortgage-backed securities claimed more Wall Street giants.

Lehman Brothers, the country's fourth-largest investment bank, filed for bankruptcy protection. A weakened Merrill Lynch, deciding it couldn't go it alone anymore, found help in the arms of Bank of America. Now, the insurance giant American International Group is dangerously wobbling. Against this backdrop, Wall Street on Monday plunged 500 points, the most since the September 2001 terror attacks.

The cash infusion Tuesday was designed to help ease a spike in the overnight lending rate between banks. A sharp rise in such borrowing costs makes banks reluctant to lend to each other and to hoard cash, worsening already tight credit conditions. Harder-to-get credit has crimped spending by consumers and business, a factor in the slowing economy.

To help grease the financial plumbing Monday, the Fed pumped a total of $70 billion into the system through open market operations.

Fed pumps $70B into nation's financial system - Yahoo! News

 

[HoleInTheVoid]

I thought she said we SHOULDN'T.

Kinda hard for her to declare what would and would not be done a she doesn't (currently) hold national executive office.

Maybe you're just a rube who can't/won't read for comprehension.

And bailing out business failures encourages more failure. Never teach people they can pass-off their wasted money onto their neighbors.

 

[plt42]

Economic giant, huh!

Just among the many "fibs" to promote Palin...

John McCain, fibbing his way through an introduction of Palin in Cedarsburg, Wisconsin, ..."You know what i enjoyed the most? She took the luxury jet that was acquired by her predecessor and sold it on eBay -- made a profit."


No profit was made. The $2.7 million aircraft, a Westwind II, was offer at a minimum bid of $2.5 million. The minimum bid was never met. It was pulled off E-bay and placed with Turbo North Aviation, an aircraft broker. who sold it to wealthy businessman Larry Reynolds for $2.1 million. Turbo's fee coming from the proceeds of the sale was $31k. When it sold, the state of Alaska still owed $2,516,386.06 on the aircraft. Profit? You do the math!

Palin's plan was to buy a replacement aircraft that would be more suitable for Alaska's rugged terrain (probably one with a turret for shooting moose)... not to rid the state of unnecessary luxuries.

McCain... why would you tell such a blatantly silly lie? To promote Palin, of course, your one and only drawing card.

 

[HoleInTheVoid]

oh good grief.

At the end of the day the voter sees the plane was actually sold thus cutting a ridiculous luxury.

What has L'il 'O done?

 

[Navy1960]

I'm sorry but I fail to understand the implication here ray? Are you saying that Palin was somehow being dishonest by stating a fact yesterday about Lehman Brothers?

 

[SwingVoter]

No profit was made. The $2.7 million aircraft, a Westwind II, was offer at a minimum bid of $2.5 million.

Mac wasn't lying, he was just revealing how exceptionally bad he is at understanding anything that has to do with addition, subtraction, or economics.

 

[del]

Sarah said yesterday that we won't be bailing these last two loser out. It won't be costing the American Taxpayers this time.



Fed pumps $70B into nation's financial system - Yahoo! News

*yawn*
is there a point here somewhere? the last I heard we're not bailing them out, nor should we. seems like another example of PDS to me.

 

[plt42]

oh good grief.

At the end of the day the voter sees the plane was actually sold thus cutting a ridiculous luxury.

What has L'il 'O done?

The facts override your diversion tactics!

Oh... sorry. I forgot with whom I'm dealing here!