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To: Les H who wrote (5505)	2/6/2003 9:32:00 AM
From: Les H	of 29602

Fed underscores role as lender of last resort On Sept. 12, 2001, direct loans by the Fed to banks through the facility known as the discount window totaled $46 billion, more than 200 times the daily average for the previous month, Ferguson said. "The failure of some banks to make payments" because of damage to the communications and other infrastructure began to disrupt the flow of money transfers across the system, he said. "Once a number of banks began to be short of incoming payments, some became more reluctant to send out payments themselves," he said. "In effect, banks were collectively growing short of liquidity." more at link latimes.com Hope for telecoms nationalpost.com{9BA93965-888C-43BF-95FA-509AE1F03281} Bush's overspending problem nationalpost.com{9C0422E1-7997-412D-8EAC-42644F1282DA}

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