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Griswold -> The Fed just opened the candy store.... (7/13/2008 4:29:22 PM)
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WASHINGTON - The Federal Reserve and the U.S. Treasury announced steps Sunday to shore up mortgage giants Fannie Mae and Freddie Mac, whose shares have plunged as losses from their mortgage holdings threatened their financial survival.
The Federal Reserve said it granted the Federal Reserve Bank of New York authority to lend to the two companies "should such lending prove necessary." If the companies did borrow directly from the Fed, they would pay 2.25 percent — the same rate given to commercial banks and Big Wall Street firms."
For the record...that's uhhhmmmm.......your money.
Every one of you should send a letter to the Federal Reserve, as well as the President demanding that...
"Now that everyone except for SEARS, Target, my local veterinarian, and of course my butcher, have been given the opportunity to access federal funds via the Federal Reserve at rates vastly lower than I can borrow at, I'd very much like you to offer me a mortgage at 5.25%, which is a decidedly generous spread of 3 points above current federal rates, significantly above what you claim inflation is currently monitoring at, and....about 7% within the current expectation that you present for ongoing growth in federal funds (ergo....a very nice little bump for you)....I think it's a fine little gig for you...and frankly...it'll help me out quite nicely".
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