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Banks borrow record $437.5 billion per day from Fed
Reuters
Friday, Oct 17, 2008
Financial institutions ran to their lender of last resort for record amounts of cash in the latest week, under extreme pressure from the worst global financial crisis in a generation, Federal Reserve data showed on Thursday.
Banks and dealers’ overall direct borrowings from the Fed averaged a record $437.53 billion per day in the week ended October 15, topping the previous week’s $420.16 billion per day.
Some analysts are concerned that banks’ dependence on Fed lending might become long term and difficult to change.
“The banking system is going to become addicted to this very cheap money. Unwinding it will be very difficult,” said Howard Simons, strategist with Bianco Research in Chicago.
(Article continues below)
“We have effectively allowed the central banks to disintermediate the banking system. Why would I want to borrow from you if I could do it with the central bank, because they can always print it up and say ‘here’…and they are in the business now of making sure I stay in business,” Simons said.
Primary credit discount window borrowings averaged a record $99.66 billion per day in the latest week, up from $75.0 billion per day the previous week.
Primary dealer and other broker dealer borrowings were $133.87 billion as of October 15, versus $122.94 billion on October 8.
“Other credit extensions”, mostly reflecting loans to insurer AIG, were $82.86 billion as of October 15, versus $70.30 billion as of October 8.
The Fed’s lending to banks to enable them to purchase asset-backed commercial paper from money market mutual funds was $122.76 billion as of October 15, versus $139.48 billion on October 8.
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30 Responses to “Banks borrow record $437.5 billion per day from Fed”
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October 17th, 2008 at 6:03 am
I changed my name to Moe’s Bank. So, how much can I get?
October 17th, 2008 at 6:29 am
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”
http://www.youtube.com/watch?v=uw5dP5gy2Vs
–The Cornbread Mafia
October 17th, 2008 at 6:47 am
the Fed keeps them cyber presses just-a-rolling !!!!!!!!!! there’s no end in sight !!!!!
goldieshouse.piczo.com
youtube.com/goldieshome
October 17th, 2008 at 7:02 am
omg… I didn’t realise it was this bad. There is no way they can increase interest rates now. lol
October 17th, 2008 at 7:26 am
oh damn, is this going to make my 20oz soda coost 6$ from inflation.?? wow were so fucked.
October 17th, 2008 at 7:41 am
y r u guys so surprise of these things taking place we have been fore warned by people who gave there lives to inform us (william cooper) and various others .People that who are consider far left in the world of blindness …….u said that they were theories well how about now
October 17th, 2008 at 7:46 am
Banks rob Peter not to pay Paul, but themselves and their buddies in Politics.
October 17th, 2008 at 8:44 am
Every $dollar$ figure these criminals are putting out is BOGUS!
Did we all forget that all of the Money on Earth is FAKE=FIAT?
..soon the credit card rate will go to 25%
..taxes will go to 75%
..that leaves us 0%
..i guess the Fake money will fool all of us!
October 17th, 2008 at 9:12 am
I guess they got to keep the slaves working.
October 17th, 2008 at 10:02 am
Banks Admit Bailout Won’t Work
http://finance.yahoo.com/tech-.....-Wont-Work
October 17th, 2008 at 11:41 am
Power never takes a back step only in the face of more power.
Malcolm X
You don’t have to be a man to fight for freedom. All you have to do is to be an intelligent human being.
Malcolm X
You’re not supposed to be so blind with patriotism that you can’t face reality. Wrong is wrong, no matter who says it.
Malcolm X
I’m for truth, no matter who tells it. I’m for justice, no matter who it’s for or against.
Malcolm X
October 17th, 2008 at 1:12 pm
Who cares we all know they are stealing the last vestiges of wealth from this nation before they destroy it. Prepare for yourself, Prepare, Prepare, Prepare!
October 17th, 2008 at 5:56 pm
http://www.propagandawerks.blogspot.com
October 17th, 2008 at 7:11 pm
Forget the Amero, they’re heading straight for a worldwide currency.
http://cosmos.bcst.yahoo.com/u.....4&news
October 17th, 2008 at 7:33 pm
A meeting this weekend with Bush where European leaders will propose a blueprint for a worldwide currency system. Will have to see if that translates to what it sounds like it means.
October 17th, 2008 at 8:35 pm
craigslist.org has a ‘barter’ section, listed first under the ‘for sale’ section. Since our counterfeit currancy is now being destroyed, we need to adapt in order to survive comfortably. That means bartering first, then liberty dollars, when we have the secure place to print it, and store the metal securely. You can’t cure the drug addict without first getting him off the drug, right?
October 17th, 2008 at 9:04 pm
This GLOBAL economic crisis is so orchestrated. It is obvious P-R-S: problem, reaction, solution. Check out http://www.davidicke.com his books have been explaining this for about 20 years. Wake up folks, educate as many as you can, and take action! Want to be a hero, a humanitarian? Then get involved! Peace.
October 17th, 2008 at 9:06 pm
Screw the banksters currency and screw the NWO. I’ll trade them some lead out of my AK.
October 17th, 2008 at 10:49 pm
i give it until january 12th or feb 7th to see zeros on the dow jones index
October 17th, 2008 at 11:56 pm
Misleading title. It should include the words “during a one week period.”
It makes it sound like the banks borrow half a billion dollars every day of the year.
October 18th, 2008 at 12:08 am
Here is the “Nuclear Option:”
If we truly do NOT like the “bail out,” there truly is a way to get something done ab out it.
In a way, we already KNOW what THAT is.
Simply stated, you take ALL of your Accounts down to $5.00 EACH.
f you have regular bank drafts on the mojnthly calendar, you go place the amount needed to cover it, one day before it is scheduled to be withdrawn. Do this for the next three months, with the possiblility of extending the effort for an additional 3 months.
That’s right, take ALL of your Bank Accounts DOWN to no more than $5.00 a piece.
If you are truly upset over the “bail” out, that is.
If you think your congressional representation was far less than, well, represenatative of your position on the issue of giving private banking firms $700 BILLION.
This is the NULCEAR OPTION that NO ONE talks about, for fear it will happen as the Idea spreads!
It is in your hands now.
It is YOU voting AGAINST the Bail Out!
October 18th, 2008 at 12:17 am
[Sorry for not spell checking and grammar checking the first Post!]
—————————————————————————–
Here is the “Nuclear Option:”
If we truly do NOT like the “bail out,” there truly is a way to get something done about it.
In a way, we already KNOW what THAT is.
Simply stated, you take ALL of your Banking Accounts down to $5.00 EACH.
If you have regular bank drafts on the monthly calendar, you go place the amount needed to cover it, one day before it is scheduled to be withdrawn. Do this for the next three months, with the possibility of extending the effort for an additional 3 months.
That’s right, take ALL of your Bank Accounts DOWN to no more than $5.00 a piece.
If you are truly upset over the “bail” out, that is.
If you think your congressional representation was far less than, well, representative of your position on the issue of giving private banking firms $700 BILLION.
This is the NUCLEAR OPTION that NO ONE dare to talk about, for fear it will happen as the Idea spreads!
It is in YOUR hands now.
It is YOU voting AGAINST the Bail Out!
And NO ONE can STOP you!
——————————————————————————–
October 18th, 2008 at 8:02 am
“”Misleading title. It should include the words “during a one week period.”
It makes it sound like the banks borrow half a billion dollars every day of the year.”"
“Banks and dealers’ overall direct borrowings from the Fed averaged a record $437.53 billion per day in the week ended October 15, topping the previous week’s $420.16 billion per day.”
It says per day there also, so maybe its not misleading?
October 18th, 2008 at 8:12 am
Why is it that when i want to borrow money from the bank, they charge me 20 or More % interests and when they borrow my money, which they do through your savings account, they only pay me back 1% or less? Maybe we should sue them and get the 20% interests rate they charge us to borrow!
Anyway, i don’t even have a bank account and haven’t for 3 years now….why do i need a bank? I can take care of my own money just fine.
If anyone wants me to “take care” of their money for them…email me. I promise to take good care of your funds…you won’t miss a thing.
October 18th, 2008 at 9:46 am
Former British security chief says response to 9/11 was a huge overreaction
25 minutes ago
LONDON — The former head of Britain’s security services said the response to the Sept. 11, 2001, terror attacks was a huge overreaction.
Stella Rimington, who retired 12 years ago from Britain’s domestic security service, MI5, said the attacks were not that different from other terrorist attacks.
“You know, it was another terrorist incident. It was huge, and horrible, and seemed worse because we all watched it unfold on television,” she is reported as saying in an interview published Saturday by the Guardian newspaper.
“I’d lived with terrorist events for a good part of my working life, and this was, as far as I was concerned, another one,” she was quoted as saying.
Rimington has become a vocal critic of the British government’s anti-terror legislation.
She opposed the government’s plan to extend the amount of time police can hold terror suspects without charge from 28 to 42 days, a proposal that was defeated in the House of Lords last week.
In the interview, Rimington is also reported to have said said the Iraq war led some young men to take up terrorism.
“If what we’re looking at is groups of disaffected young men born in this country who turn to terrorism, then I think to ignore the effect of the war in Iraq is misleading,” she is quoted as saying.
Britain’s Foreign Office said it had no comment.
October 18th, 2008 at 12:27 pm
has anyone noticed that the jpmorganchace symbol is a swaztica?
October 18th, 2008 at 2:45 pm
Watch
http://www.youtube.com/watch?v=JN_O6OtLNKs
October 18th, 2008 at 11:27 pm
We’re fucked!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Fuck “Thermally Expanding”!!!! Chk,Chk are the only words I need Knowin’!!!! DONE!!! Death IS Sleep!!! “All ‘HAIL Thermal Expansion!!!”
October 19th, 2008 at 9:51 am
The only way to create an immediate obstruction that will sidetrack this freight train is to vote the existing congress out of office. Until we have politicians that will not cater to the cabal that exists. the course will be the same. If our congress is filled or at least scattered with reps that do not owe their allegiance to the world order elite, then there exists the better than even possibility that this course may be derailed, at least temporarily. That will at least provide the time needed to take our fight to the next level.
So, when Nov. 4th arrives, go to your polls and vote for the challenger, not the incumbent. We can clean house. Then, the new reps may understand that the people have the will and the power to remove them if they do not perform the people’s will.
Share this message and spread the word. Time is short.
Vote for the challenger, not the incumbent.
October 19th, 2008 at 11:47 am
http://www.baldwin08.com