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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (208259)12/7/2002 10:18:23 PM
From: GraceZ  Read Replies (1) of 436258
 
he did say they could buy private assets -- what do you think that was a euphimism for?? He didn't leave anything out if you read the whole thing.

Here's a quote:

"Unlike some central banks, and barring changes to current law, the Fed is relatively restricted in its ability to buy private securities directly.12 However, the Fed does have broad powers to lend to the private sector indirectly via banks, through the discount window.13"

This is not different from what they do every single day, lend money to banks to buy financial assets.

I'm surprised he mentioned mortgage backed securities as a new option since they've been buying mortgage backed securities for some time.
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