Wall Street banks got the word today that the Fed’s money gusher (repo loans) that began on September 17, 2019, will deliver on Thursday another $270-billion in loans at unprecedented low interest rates. The Fed will increase its 1-day loans up to $175-billion a day, 14-day loans will be increased to $45-billion, and 1-month loans will rise to $45-billion. Congress has no control over any of this. -GEG
The little people in America will have to continue to wait to hear any concrete plans for their government to provide financial relief to them for business disruptions resulting from the coronavirus. But Wall Street banks and their sprawling trading desks got the word today that the Fed’s money gusher (repo loans) that began on September 17 of last year will offer them up another $270 billion in cold hard cash at unprecedented low interest rates tomorrow.
The Fed announced that its 1-day emergency loans that it has been making each weekday will increase to as much as $175 billion a day beginning tomorrow; its 14-day loans, which will continue to be offered twice a week, will remain at the elevated amount of $45 billion; and the Fed will add three one-month loans of a whopping $50 billion each. The first one-month loan will be funneled out tomorrow, along with a cap of $45 billion in a 14-day loan and up to $175 billion in a one-day loan, bringing the one-day tally to the astounding sum of $270 billion – all without so much as a vote, or debate or even a hearing in Congress.
All of this money gusher will be dispensed by the New York Fed, the same regional Fed bank that funneled the bulk of the secret $16 trillion in aggregate emergency loans to Wall Street during the last financial crisis. (See chart below.)
John Anthony Castro is running for president as a “Republican”, but has been accused of being a plant to fool voters. While Castro called for violence if Trump supporters riot, there is a dangerous history of Trump fans being beaten by the opposition when they showed peaceful support for Trump.
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Greg Mannerino predicted that small regional banks that got “loans” from the Federal Reserve are failing in order to go up for sale and to be absorbed into the bigger banks at fire sale prices. He said that the Wall Street banks will stocks will rise.
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In a joint statement on Sunday, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. said they were taking action “that fully protects all depositors” at SVB and Signature Bank.
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The Fed will be creating $75-billion daily in overnight ‘repo’ loans through October 10, and likely beyond. The author of this article speculates that these loans look suspiciously like a concealed bailout. The US dollar is doomed.
Just what we need. More WORTHLESS paper money floating around out there. You realize that the greenback has MAYBE .01 cent of real value. But when you realize, also, that pennies are not even pure copper since 1981 . . . . . .