IS THE FED REALLY IN CONTROL

'Not only has the sight of banks refusing to lend to banks moved to a new level, major banking institutions are tumbling in the face of its onslaught. With the weekend’s, Federal Reserve rate cut on direct loans to commercial banks, by a quarter-point saying it will allow primary dealers to borrow at the rate in exchange for a broad range of investment-grade collateral the drama has had a gear shift change.'