Banks borrow record $437.5 billion per day from Fed
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DarkoakNew MemberOPNEW YORK (Reuters) - Financial institutions ran to their lender of last resort for record amounts of cash in the latest week, under extreme pressure from the worst global financial crisis in a generation, Federal Reserve data showed on Thursday.
Banks and dealers' overall direct borrowings from the Fed averaged a record $437.53 billion per day in the week ended October 15, topping the previous week's $420.16 billion per day.
Some analysts are concerned that banks' dependence on Fed lending might become long term and difficult to change.
"The banking system is going to become addicted to this very cheap money. Unwinding it will be very difficult," said Howard Simons, strategist with Bianco Research in Chicago.
Banks borrow record $437.5 billion per day from Fed | U.S. | Reuters
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Fin Fan In Caliluxury_boxThey are getting help, but the hard working people that need it, get the run around, or very little help.:no:
Rest in peace bigbry and dolphin debby!
Fin Fan In Caliluxury_boxI think for the banks to get more help, they should have to provide a listing of homeowners they have helped stay in there homes and avoid foreclosure, rather then giving out easy money. If they don't go out of there way to help there customers, then no easy money.
Rest in peace bigbry and dolphin debby!
Coral ReeferNew Member"Fin Fan In Cali wrote:
I think for the banks to get more help, they should have to provide a listing of homeowners they have helped stay in there homes and avoid foreclosure, rather then giving out easy money. If they don't go out of there way to help there customers, then no easy money.
yep, wouldn't it be interesting to track some of this money and see if it ends up financing some execs fleeing their company stock holdings.
RIP Jetssuck
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