Incase the ‘journalists’ at @Newsweek ever care to look at facts, here’s a few:
1. After Friday's Repo Operation was oversubscribed [again], the Fed announced it would continue Repo Ops through October 10th, for "at least" $75 Billion per day.
1. After Friday's Repo Operation was oversubscribed [again], the Fed announced it would continue Repo Ops through October 10th, for "at least" $75 Billion per day.
2. In addition to doing overnight Repo Agreements(with a 1 day payback term), they will also start offering a 14-day payback term next week [The Fed has ONLY ever done that twice: 2001 after 9/11 attacks and 2008/Financial crisis before it was replaced with QE], for $30b each day
3. Through October 10th, assuming $75 Billion per day, plus the $30 Billion 14-day term operations plus what happened this week, the Fed will have pumped $1.4 Trillion of cash into the banking system...basically 2x the size of TARP.
This is not normal or not a big deal. Anyone who tells you it is doesn’t know their ass from their elbow. Or they are liars. You need to know the facts. Because they all understand what this. So should you. Get out of hi-interest CC, use LOCAL banks.
