The Fed added that it was suspending a rule that normally prohibits deposit-taking banks from using deposits to help finance their investment banking subsidiaries to allow them to fund activities normally funded in the repo market on a temporary basis until January 30 2009.Remember when commercial banks and investment banks were, by law, separate entities? Firedoglake has a good review of this development.
Cartoon: Election night 2024
1 hour ago
2 comments:
I'm wondering how these latest financial implosions will affect the campaign. I'm hoping they expose McCain's complete lack of new ideas. (He's pretty much sticking to voodoo economics.) But I'm also hoping they give Obama a chance to show off his economic Stratego. You have one, right, Obama? Tell me you have one!
I think it can only help Obama. He actually has a plan that is not just all about earmark reform.
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