Fed discount window borrowing largest since 9/11

[UpInArms]

Source: Reuters

NEW YORK, Jan 3 (Reuters) - U.S. banks' direct borrowings from the Federal Reserve for the week ended Wednesday surged to the largest amount since the week shortly after the Sept 11, 2001 attacks, data from the U.S. central bank showed on Thursday.

Primary credit borrowings at the Fed's discount window totaled $5.770 billion for the week ended Jan. 2. That was the largest weekly amount since the week of Sept. 12, 2001, when it hit $11.742 billion.

Overall discount window borrowing averaged $5.787 billion a day in the week ended Jan. 2, also the largest since the week of Sept. 12, 2001, when it averaged $11.47 billion.

Data also showed that New York-area banks were awarded $17.467 billion in the second $20 billion auction under the Fed's term facility, compared with $16.49 billion in the first auction.

<snip>

For Jan. 2, the single-day primary credit borrowings totaled $4.918 billion, the largest amount since Sept. 12, 2007 and the second largest single day tally since the $45 billion borrowed just after the Sept. 11 attacks.

Read more: http://www.reuters.com/article/bondsNews/idUSN0323047220080103?sp=true

---

Okay - what exactly is the crisis?

Where are the terrorists?

Where did all that money go?

[PDJane]

1. Like any third world dictators,

This administration has been looting the treasury, and helping others to loot it too. The crisis is made in the USA.

[SpiralHawk]

2. "Move along. There is nothing to see here." - republicon homelanders

"Move along.

"Choco-rations may be increased next year.

"We are beginning a great economic surge.

"Hate is love.

"Big BushCo loves you." - Republicon homelanders

[Yael]

3. Halliburton's year end bill was due?

[madrchsod]

4. no credit until 2009

i had a conversation with a personal director 2 years ago and he said it took his company almost 3 years to recover from the 9-11 because credit had dried up for a major expansion they were planning..they are in the rock crushing business.

the mortgage scam was all about generating money while the government drained hundreds of billions from the markets and the treasury. there will be no credit available unless the foreign banks/countries decide to lend or build in the united states.

nothing will improve until a democrat is elected to the presidency and the senate becomes veto proof.