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From: ew1usnrr (199.73.152.100)
Subject:         Is this corporate welfare?
Date: January 15, 2008 at 11:37 am PST

Governmental managment of the economy is not free market capitalism. The federal reserve is providing money to banks at a low interest rate so that the banks can loan it out to citizens at a higher interest rate. That is a nice deal for the banks, but it kind of stinks for the citzens. The problem with the economy is that the citizens have become over-extended and pushed too far into debt. The federal reserve's response is to work with the banks to push citizens even further into debt. Who is the federal reserve working for? The banks or the citzens? Ooops, forget that. I have already answered my own question (see following news quote).
*****
The Federal Reserve, working to combat the effects of a serious credit crisis, said Tuesday it had auctioned $30 billion in funds to commercial banks at an interest rate of 3.95 percent.

It marked the third in a series of innovative auctions the Fed began last month as a way to provide cash-strapped banks with the reserves they need. The hope is that the increase in resources will keep banks lending to consumers and businesses and prevent the credit turmoil that hit in August from pushing the country into a recession.


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