Sunday, September 14, 2008

Climateer Quote of the Day. And: Federal Reserve Statement

Lifted in toto from Across The Curve:

The Federal Reserve has expanded the type of collateral it will lend against at the Primary Dealer Lending Facility.

Separately, I was watching CNBC and they are reporting that AIG is looking for a bridge loan from the Fed.

CNBC also reports that the Fed forced Merrill to put itself up for sale.

THIS WHOLE THING IS FINANCIAL SCIENCE FICTION.

First runner-up, Bloomberg via Infectious Greed*:

The raptors test the fence for weak spots. The speculators think the authorities will blink, and the authorities think the speculators will run out of funds.

-- Vincent Reinhart, former director of the Federal Reserve Board's Division of Monetary Affairs (via Bloomberg)

*Who's next post asks "Why Would BofA Buy Merrill?"