2008-05-02 — minyanville.com
The Fed just announced an increase in the amount of TAF and that it will now accept “AAA†rated mortgage back securities as well.
This indicates that 1) there must be further and bigger problems in the banking system than thought and 2) banks have increasingly less and less good collateral to give in exchange for capital from the Fed.
The banking system is not functioning. There's only one bank…the taxpayers.
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