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Stressed banks borrow record amount– $16B per day– from Fed
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John Parry
Reuters
July 31, 2008
NEW YORK (Reuters) – Banks borrowed a record amount of funds from the Federal Reserve in the latest week as the year old credit crisis took a persistent toll, while the commercial paper market continued to contract, signaling tough conditions for short term borrowers.
Banks’ primary credit borrowings averaged $17.45 billion per day in the latest week, the second straight week this had hit a record and up from $16.38 billion the previous week, Fed data showed on Thursday.
“It shows there’s a shortage of liquidity in the system,” said Christopher Low, chief economist at FTN Financial in New York.
Secondary credit the Fed extended, which is usually taken out by banks in need of emergency cash, rose to $89 million in the latest week, from $34 million the week before. Although these numbers are still very small compared with primary credit, “What that tells you is that there’s an increasing number of banks that the Fed is classifying as ‘unsound’ or inadequately capitalized,” Low said.
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Analysts may watch the trend of secondary credit closely, given the travails of U.S. regional and smaller banks and the likelihood that a continued decline in house prices and rise in foreclosures and bad loans will deepen the difficulties of the banking sector for many months or years.
Some analysts ascribed the overall rise in demand to use the Fed’s short term discount window borrowing facilities to a mix of factors.
“I am sure there are troubled banks trying to tap the window,” said Michael Feroli, U.S. economist with JPMorgan in New York. But he added: “more and more banks are trying to take advantage of the pure economic advantage of borrowing at a cheap rate and you are seeing a gradual fading away of the stigma of using the discount window.”
The Fed’s main discount rate is 2.25 percent.
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July 31st, 2008 at 10:03 pm
what a system (scam that is). Borrowing monoply money. And why not from the Fed? We foot the bill.
July 31st, 2008 at 10:19 pm
And why not? After all the banks didn’t lose nothing of them, all the money was from de clients so “screw the clients and lets play again!” just like a player addict.
July 31st, 2008 at 10:52 pm
#3 – So you think the true Christians will go through the Great Tribulation do you? Explain this to me:
2 Thess 2:7-8
For the mystery of lawlessness is already at work; only He who now restrains will do so until He is taken out of the way. And then the lawless one will be revealed, whom the Lord will consume with the breath of His mouth and destroy with the brightness of His coming.
In the above verse explain to me who “He who now restrains” is? This verse is telling us that whoever this is, is hindering the Antichrist from appearing. The Antichrist will not appear until the “hinderence” is removed.
“He who now restrains” is the Holy Spirit, the Church. In order for the Antichrist to be revealed in the end times the Holy Spirit must be removed first.
Luke 21:36
Watch therefore, and pray always that you may be counted worthy to escape all these things that will come to pass, and to stand before the Son of Man.
The above verse would be a waste of space if there was no chance we could escape the 7 year tribulation.
I could give you a ton more verses supporting the rapture of the Church prior to the Tribulation. The word Rapture comes from the Latin bible “Raptura”.
July 31st, 2008 at 11:03 pm
why cannot buy my dreams
August 1st, 2008 at 12:15 am
Millions of foreigners–illegal aliens/immigrants march across our nation demaning American rights and justice while American citizens watch sports and fictional movies as forms of entertainment and while ignoring what is happening to them and there country. Where will you be on 09-11-08? Doing nothing of importance or visiting ground zero demanding justice! As for our nation’s money problems, realize that allowing a private bank to issue monopoly money backed by nothing and charging interest on it is against the US Constitution, and therefore, null and void…we as a nation owe nothing to the Federal Reserve, but the same Federal Reserve owes us a complete refund with interest! Nuff said! Peace.
August 1st, 2008 at 12:37 am
Nice post # 7, and great list of quotes #6! Kinda backs up what I was going to say. Hey – Jewish bankers! Why don’t you cut it out? You’re already screwing us all bigtime and have been for a LONG time, but you want MORE??? F*% you!!! What you do is just evil and contemptable. I for one will not stand for it and millions more feel the same way with more learned folk signing on every day!!!
August 1st, 2008 at 2:55 am
yes prepare yourselves out there…..
Beat the international bankers at their game……become debt free and take your finances offshore!
http://www.becomericher.info
August 1st, 2008 at 4:26 am
…Ah-bdi… The donkey thinks he has to work very hard to be able to eat grass from his master’s hand , cos he’s too dumb to realize that there is grass everywhere !!!
August 1st, 2008 at 5:01 am
This is the beginning of the end of America and maybe the world.
Its only going to snowball and this will get dire. Start stocking up on seed, solar panels, gus and ammo.
August 1st, 2008 at 5:41 am
never forget the people who run the fedral reserve are jews them fuckers are a cancer and need to be stoped im no nazi i just no the history of thease users and if everbody did too we would be free of them fuck the jew zionist scum
August 1st, 2008 at 7:54 am
Wiz, where can I get some gus (just joshing). But you are correct. I’m thinking about solar panels myself, but am an idiot on how to actually utilize them properly.
If you think this is scary, also take in the fact that there are talks about another stimulus package. It’s like being in a sinking boat and you’re trying to bail out the water with a coffee mug. That water will still come in and you get tired.
August 1st, 2008 at 9:48 am
The banks are struggling so much that they are all scared! But then too; the international bankers are not scared because they truly want to crash the whole economy and banking system anyway!! If our banks last until 2010 I would be greatly impressed!! For by then; THE NORTH AMERICAN UNION WILL BE IN FULL SWING!! UNLESS WE CAN HOLD THEM OFF UNTIL 2012!! But can we survive and fight these well oiled satanic machines!!?? I HATE TO SAY THIS; BUT WE STILL HAVE TOO MANY AMERICANS THAT ARE TOO ENGULFED IN MAKING MORE WEALTH AND they have become enemies of our freedom also!! Along with our political leadership that have sold their souls to these luciferian devils!! All that is left to do now is to expose them and prepare the people FOR THE COMING GLOBALIST GOVERNMENT AND NOT TO TAKE THEIR luciferic BEAST CHIP which will have great benefits at first; UNTIL THEY CHANGE ITS RADIO FREQUENCY SIGNALS AND YOU WAKE UP a zombie brained slave of their new world order!!!
August 1st, 2008 at 9:52 am
They are only pieces on the same raggety ass chessboard we are. They just believe the lie that their religion is the “chosen” one a little more than we do. The faith at the top of this turd is all the same and it’s defenately not one of the “big three” that we’re stuck with. But yeah, buy up the cheap gas whilst you can. Dig a hole and bury it along with any money you may have. (er) Nevermind that. he’s right. Just get gas and a solar panel. youll need the money to wipe ur ass with when they tank the dollar.
August 1st, 2008 at 10:26 am
The Jewish Controlled Federal Reserve Bank is an ILLEGAL entity that is in direct violation of the Constitution. Anyone who tries to take them down will be killed.
What can anyone do? All who have tried have been killed, those countries that refuse to utilize them are invaded and attacked.
The worst part about it is that the US Military is now controlled by the Federal Reserve Bankers for their agenda.
Haliburton has taken over all aspects of the US Corp of Engineers, KBR has full control of all the military bases all over the globe for it’s infrastructure and food, and BuchCo’s daddy’s carbal of criminals (The Carlyel Group) now owns CSX Railroad.
If you can’t stop or abolish the Federal Reserve System, then there is no hope of ever stopping their accomplishing the goal they have for the USA. None.
Ross Perot, although not the beat candidate for president, said it best, “If you want to fix something you have to get under the hood and fix the motor, everything else is just cosmetic work, and the engine is still broke. Our engine is still broke, yet no one will get under the hood, so we cosmetically paint the same piece of shit, and call it something else, a polished turd is still just a turd.
August 1st, 2008 at 10:55 am
This was planned years before Bush jr. took office. If Bush SR. were President during the clinton years this exact scenerio would have taken place. Everything we are seeing today is an extension of the Bush S&L “scandal”. It is identical….just on a global scale…just like the war on evil/terror. They’ve learned from their mistakes. One mistake was having the RTC. They simply took over Fannie and Freddie and are allowing the criminal lending banks themselves to take the money however they wish. No need for “auctions”.
August 1st, 2008 at 11:32 am
I saw today GM reported it’s loses this quarter: 15.5 Billion dollars. This country is falling apart. I’m laid off, my options in the local classifieds: security, running a forklift in a dingy warehouse, or wiping old people’s asses. There is no American competition anymore, just mergers and acquisitions. It might take another five years to completely bleed us out, but it’s coming. Total economic collapse. We’ll all be working for the same company, after these all these smaller banks and conglomerations collapse. But GM and Ford going down? That’s two of the largest manufacturers in this country going belly up. Fuck the shareholders how about all those lower-middle class jobs. America is dieing in the background of materialistic swagger, and celebrity entertainment news. You fools.
August 1st, 2008 at 11:39 am
Things are pretty good in the usa.
Im having fun,George is doing a great job.
I know I know things could be a little better.
Its just Lazy Americans that are Fing things up.
Just do what the goverment tells you To,and everything will work out.
August 1st, 2008 at 12:24 pm
This rampant borroing is nothing more than a massive transfer of wealth to the New World Order. They can’t borrow forever.
August 1st, 2008 at 1:31 pm
“Brother can you spare a million????” or “My wallet hurts!!!” You know it only costs 5 cents to print ANY denomination of the dollar!!! That’s sweet when you think about it…5 cents=$100…damn good sham goin’ on here!!! The clarity of counterfeiting!!!
August 1st, 2008 at 2:25 pm
How it happens! Watch this video! Yours truly in the re-enactment!!!!!!! FUCK THE FEDS!!!!!
http://www.myspace.com/helicondetroit
August 1st, 2008 at 2:29 pm
Ever since Bush took office in 2000 the USA has been going down hill. Anyone remember the spy plane that was captured flying over China? Now the banks are experiencing problems….I recommend a book called “Ruled by Secrecy” by Jim Marrs. Hopefully, people of this great country wake up.
August 1st, 2008 at 2:42 pm
Derek take all scriptures from the bible front to back to come to your conclusion on the rapture. Proverbs 2:21-22;Psalms 37;Matthew 13-The wheat and the Tares. If the bible contradicts itself then it is not reliable. You must also consider that there were some mistranslations from the original texts.
Many Christians fail in interpretating the bible because they do not take the verse in context with the rest of the writing or the entire bible. You are not going anywhere, all Christians will go through the times ahead, but many will die because they didn’t prepare.
I left the modern church years ago and it was the best thing for my understanding of the bible, because I was no longer being told half-truths and outright lies. The modern church is so off the mark of true Christianity, and they are getting more whacko as you go. Study church beliefs fifty years ago, then one years ago, then 2oo years ago.
No wonder people are so turned by modern Christianity, they are more honest with themselves, God, and true history than those that claim to be followers of truth. Bale on the modern churches bro, you will save yourself alot of anguish and be clear minded to see things for what they are.
Lastly buy more ammo, bury your food and water, spend time in the woods because if you are not put to death or in slave camp that’s probably be where you will be spending much of your time.
August 1st, 2008 at 4:04 pm
Gee Mr. Rothschild, can I borrow a few bucks? F**kin lol!!! At least toilet paper has a practical purpose. What a massive scam. Yet the illusion becomes real when people buy it. The Constitution permits us to distribute our own mediums of exchange without usury to our own people, but let’s not quibble over details, eh?
August 1st, 2008 at 4:58 pm
All they are doing is delaying the inevitable until bush leaves January 20, 09, then the markets will rumble.
August 2nd, 2008 at 5:54 am
Most Americans are too busy keeping up with sports and entertainment to even care about what’s happening to their country, much less do anything about it. In order to survive, we must take action now to get ourselves out of this corrupt and collapsing system. Abandon all large cities as they won’t be safe places to live in the very near future. Get yourself a few acres of land and learn how to produce your own food, care for your own livestock, cut your own fire wood for heat and get free water from a spring or well. Buy guns, ammo, fishing gear, farming supplies and equipment. Learn first aid and how to use plants as medicine. Trade your worthless paper Federal Reserve dollars for real money like gold and silver. Don’t think this upcoming election will save you because it won’t, regardless of who wins. Don’t think a secret “rapture” will save you either, because it won’t. Were Christians trapped in the World Trade Center saved by the “rapture” or did many burn alive? How about earthquakes, famines, hurricanes and recent wars? Did “Christians” suffer right along with the sinners during the hurricane that struck New Orleans or were they all removed from harms way by the “rapture”? The truth is, the word “rapture” isn’t even found in the Bible and “Christians” suffer and die right along with everyone else. Matthew chapter 24: verses 29 and 30 makes it very plain that Christ will return “they shall see the Son of man coming in the clouds of heaven” ….. “immediately”…. “after the great tribulation”, not before. Prepare people, while we still have a little time, prepare now! As Hank Jr. said so well “a country boy can survive”.
August 2nd, 2008 at 11:47 am
This is all the direct result of our debt-based money system, and thus underscores the need for monetary reform.
Yet do either McCain or Obama even acknowledge monetary reform as an issue, let alone address it? Of course not.
A vote for either candidate is a vote to perpetuate the very debt money system that created this mess in the first place.
August 2nd, 2008 at 4:02 pm
debt-based currency is obviously a failure. few recognize it. i email my congressman about it. cnbc skirts the issue. however, the mainstream media like fox news and cnn is very silent about the root of the problem.
August 2nd, 2008 at 4:03 pm
2.25 cents to print a dollar. unfortunately, it is getting harder to find that 2.25 cents to pay for it.