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Pastimes : The Philosophical Porch -- Ignore unavailable to you. Want to Upgrade?

To: Rarebird who wrote (2709)	3/17/2008 12:00:04 AM
From: $Mogul	Respond to of 26251

- The Fed approved a cut in its emergency lending rate to financial institutions to 3. 25% from 3.50%, effective immediately, and created a lending facility for big INVESTMENT BANKS to secure short-term loans. The Fed last lent to nonbanks in the 1930s, and this is the first time weekend action was taken since Volcker in the 1980s. "The Federal Reserve's decision to invoke a Depression-era law so that it could lend to Bear Stearns shows how seriously it believes the financial system is at risk," said WSJ Fed watcher Greg Ip.