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Yesterday the Fed announced plans to buy as much as $540 billion short-term debt from money market funds, facing severe redemption pressures.
The answer came from an industry group led by JPMorgan Chase, according to individuals close to the situation who also were not authorized to discuss it publicly. The bank, along with a group of several major money-market investors, approached the Fed earlier this month with a plan to set up privately run entities that could start purchasing short-term debt from the funds.
Originally posted by ghostlandseller
No, this is a proposed SECOND bail out, cough, i mean recovery package, that is being pushed.
I think we need to chill the hell out. We cant jsut keep showing money into this. I wish they could just let the market work out its fever for a while before tryng to manipulate it.