Thursday, September 18, 2008

Quarter-Trillion Flood of Money Lifts Derelict* Market 82 Points

From Bloomberg:
The Federal Reserve almost quadrupled the amount of dollars central banks can auction around the world to $247 billion in a coordinated bid to ease the worst crisis facing financial markets since the 1920s.

The Fed increased the amount of dollars that the European Central Bank, the Bank of Japan and other counterparts can offer from $67 billion ``to address the continued elevated pressures in U.S. dollar short-term funding markets.'' The Bank of England, the Bank of Canada and the Swiss National Bank also participated....MORE

At this rate it will take 2 1/2 Tril. to make back this weeks losses.



1.left or deserted, as by the owner or guardian; abandoned: a derelict ship.
2.neglectful of duty; delinquent; negligent.
3.a person abandoned by society, esp. a person without a permanent home and means of support; vagrant; bum.
4.Nautical. a vessel abandoned in open water by its crew without any hope or intention of returning.
5.personal property abandoned or thrown away by the owner....