For the first time since the Depression, the Fed plans to lend to private firms. No particular authorization required here, they have had this power essentially since their formation, but the political fallout and the potential for accusations of favoritism have long prevented its use. If they keep up with the rate cuts, they'll not only be lending, but be lending interest free!
Whoo hoo!
Fed Will Lend Directly to Corporations [Wall Street Journal]
Posted by guest , Oct 08, 2008 10:48AM
First
Loyal Citizen of Zamunda
Posted by guest , Oct 08, 2008 10:50AM
Hot damn. I gotta get me some of that. Maybe BoA will sell them all the Countrywide retail outlet space so I can just go in and refi.
(Trufax: BoA bought LaSalle, a major Chicago banking presence, and Countrywide, which had a lot of offices in Chicago. If they'd kept them all open I can think of a corner in one Chicago suburb where you would literally be able to see three different BoA facilities just by turning your head. It's like Starbucks, only scarier.)
Posted by guest , Oct 08, 2008 10:52AM
Hey @ 2. Why don't you puor yourself a nice hot cup of SHUT THE F*** UP.
Posted by artie help , Oct 08, 2008 10:57AM
#2 great insight. go back to reading gawker.
Posted by guest , Oct 08, 2008 11:02AM
Can we start a list of all the circus acts the fed rolls out and has rolled out so we can check off the ones that work and the ones that don't?
Posted by guest , Oct 08, 2008 11:06AM
Your hurtful comments are hurtful. I find I can bear them with great fortitude, however.
If the Fed can bail out pinheads who bought houses they couldn't afford on the wholesale level, why couldn't they do it retail? At this point, *my* credit rating is better than that of most banks in the world. In a rational universe, the Fed would be smarter to lend money to me directly and not give insolvent institutions a slice.*
Plus, I bet they'd have REALLY good coffee and doughnuts in the lobby. None of this day-old Dunkin' Donuts crap.
*I am, at this point, totally fucking with you. If that wasn't apparent. Transaction costs blah blah blah.
Posted by guest , Oct 08, 2008 11:15AM
So, how do you get in on this? Are check the box S-corps allowed to get this dough? If so, that would the most awesome shit show of uncreditworthy people but hey can they really be worse that LAYman Brothers?
Posted by guest , Oct 08, 2008 11:18AM
"check the box S-corps". I hear that from our tax guys all day. You must be one too. Gotta tell you, they are the most annoying people on earth. The only reason I support a flat tax is the hope that it will make all of you go back into what ever hole you crawled out of.
Posted by guest , Oct 08, 2008 11:23AM
@7 Sorry, I am a lawyer not a "tax guy." Also, I don't live in a hole but rather in one of NY city's premier apartment complexes. You and I may hate the S-corps but they are a path to riches for Joe Six-Pack to avoid taxes.
Posted by guest , Oct 08, 2008 11:32AM
let's stay on point here with what is important here people, which is does this benefit goldman sachs?
Posted by guest , Oct 08, 2008 11:41AM
bernanke and paulson need to go if you want this melee to be over. they are incompetent/liars and everyone lost confidence in them. i spoken.
Posted by guest , Oct 08, 2008 2:27PM
This is just more negative talk by people who hate `merica, and the troops.