It is impossible for rich people to not make money under the Bush/Castle economic system in which every bad decision is rewarded and every failure is papered over by saps like you and me who actually pay our taxes.
Aug. 10 (Bloomberg) — The Federal Reserve added $19 billion in temporary funds to the banking system through the purchase of mortgage-backed securities to help meet demand for cash amid a rout in bonds backed by home loans to riskier borrowers.
The Fed accepted only mortgage-backed debt as collateral for this morning’s weekend repurchase agreement. Losses in U.S. subprime mortgage investments have been rippling through global credit markets, driving interest rates higher and sinking share prices. The Fed also added $24 billion yesterday, the most since April, as demand for cash increased.
The New York Fed’s additions lowered the Federal funds rate to 5.375 percent, according to ICAP Plc, after it began trading at 6 percent, the highest opening rate since January 2001. The Fed’s benchmark overnight rate is currently 5.25 percent.