The hotly debated $700 billion bailout of Wall Street hasn’t even faded from the front pages, and we already have another bailout underway. This time, the Fed is targeting “commercial paper”, utilized by businesses to fund short-term operations.
>Yesterday the Fed announced that it would begin buying these loans to ease liquidity concerns as the loans come up for renewal. The Fed plans on buying commercial paper until at least April of 2009, although the door has been left open to extending that date. The Fed also didn’t put a dollar amount on the amount it would purchase. Without the intervention, the Treasury was concerned that the credit markets would seize entirely and we could see a disastrous drop in the market.
It looks like the Federal Reserve and the Treasury are willing to take any step necessary to speed up the economic recovery. One has to wonder though, whether any of these plans will work as intended. If they do, we have essentially bought our way out of a recession. If they don’t work as planned, then we have simply added to the exponentially increasing national debt and used up all the bullets in the gun. Then what?
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Christian is the resident Research Analyst for Investor’s Daily Edge. He attended Eastern Michigan University, where he graduated Cum Laude with a Bachelor of Science degree in Finance.
After college, Christian spent the next 5 years in the mortgage industry before serving a short stint with The Street.com. The experience with The Street reinvigorated Christian’s infatuation with the market and led him to his current position with Investor’s Daily Edge.
Christian was born and raised in Michigan and a few years ago he decided that he had enough of the Midwest’s cold winters and short summers. When the opportunity to relocate to the warmth of South Florida presented itself, there was no turning back.
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