Monday, November 24, 2008

WTF?! Fed Pledges Exceed $7.4 Trillion to Ease Frozen Credit

The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the only plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program.

read more | digg story

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