More tax dollars out the window?

Generally I go through the business news every morning to keep abreast of things predominantly in conjunction with my job in the automotive sector.

Was reading . . . this . . .

No biggie, right.

But in the middle of it, I see this . . .

Yesterday the Fed announced plans to buy as much as $540 billion short-term debt from money market funds, facing severe redemption pressures.

My question . . . is this in excess of what's already been promised?

Doing a rough calculation on what they've promised so far, it far exceeds the initial $700 or so billion.

Where the hell is THIS money supposed to come from. Seems almost daily any more that the fed announces another couple hundred billion dollars or so for the 'economy'.

Bizzare.

No, this is a proposed SECOND bail out, cough, i mean recovery package, that is being pushed.

Ridiculous right!

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.

Here's how it came about . . .

New York Times

gotta love this . . .

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.

Ridiculous right!

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.

Actually . . . according to the New York Times . . . it is the THIRD.

Three strikes and you're OUT

Out of pocket, that is!!!!