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That Was The Big Sucking Sound He Was Talking About

Slurping 200 billion Euro from the market, the European Central Bank appears to be working to counteract the recent tendency of certain money market funds to "break the buck." If the fund looks ready to act "un-marketlike" might as well take it off the market, the thinking goes. I hope we can be forgiven if we note that the phrase "market failure" actually seems to translate to "the market is not acting in a politically expedient fashion, and it's making us look bad."
Expect to see a lot of "socialist" finger-pointing from the United States in response, right before a massive semi-nationalization bill passes the Senate this evening.
ECB Offers to Drain 200 Billion Euros, Deposits Surge [Bloomberg]