The stupidity of the US Federal Reserve never ceases to amaze me. It seems that 2 months ago, the feds introduced a new measure to help ease the credit crunch, according to The Financial Times. They said that the Fed’s Term Action Facility (TAF), allows banks to borrow at relatively attractive rates against a wide range of their assets, saw near $50 billion of one-month funds from the fed by mid-February.

This is just wrong on so many levels, being someone who has been in real estate and an investor for a long time, I know the financial mess this country is in. Most of this is the banks doing by soliciting bad loans such as 110% and 120% loans. I could go on for a long time about the reasons why we are in this mess, but unless you have been living under a rock, you probably already know the reasons. I just don’t believe that banks should get an easy out of the mess they created.

The Financial Times said the move has sparked unease among some analysts about the stress developing in opaque corners of the U.S. banking system and the banks’ growing reliance on indirect forms of government support.

Ya I imagine it did spark some unease among analysts….

I know I have lost a fair chunk of money because of the market, and I have no place I can go and borrow a few million dollars to help me out. But the worst part of this is, how they did it without telling anyone, and without voting for the use of Federal Reserve money. They just did it and tried to hide it from people who would oppose it. Such a corrupt banking system, oh well nothing can be done now, I guess this means the united states needs to borrow more money from China…..