Mar
20
How the Helicopter Works, from George Zachar
March 20, 2008 |
From this morning's WSJ item "Stepping Up to the Fed's Window":
The Fed is lending $95 for every $100 in securities that dealers bring to it, regardless of the type of collateral. In other words, the Fed requires the same amount of additional collateral whether a dealer is borrowing against a Triple A-rated corporate bond or a Triple B-minus subprime-backed bond.
Yes, those are termites you hear, gnawing at the Fed's balance sheet…
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