Posted on 09/19/2008 5:11:16 AM PDT by TigerLikesRooster
Treasury will insure public offered money funds
By Steve Goldstein
Last update: 7:36 a.m. EDT Sept. 19, 2008
LONDON (MarketWatch) -- The U.S. Treasury said it's established a temporary guaranty program for U.S. money market funds. For the next year, the U.S. Treasury will insure holdings of any publicly offered money market mutual fund, retail and institutional, that pays a fee to participate.
(Excerpt) Read more at marketwatch.com ...
Ping!
There you go.
All better.
We’ve been magically transported back to the 19th century - where a ‘tame’ government existed solely to preserve the profits of Big Business...
Treasury to guarantee money market funds
/snip
“Concerns about the net asset value of money market funds falling below $1 have exacerbated global financial market turmoil and caused severe liquidity strains in world markets,” the Treasury said.
“In turn, these pressures have caused a spike in some short-term interest and funding rates, and significantly heightened volatility in exchange markets. Absent the provision of such financing, there is a substantial risk of further heightened global instability.”
It wasn't immediately clear what fee mutual-fund firms would have to pay to participate.
Money market funds saw nearly $90 billion of net investor cash pulled out Wednesday, among the largest single-day drops in history.
/snip
A guaranteed safe investment? Whoo-Hoo!!
$800 billion estimated so far in bailout costs. A new RTC-like creation that will dwarf the original. And now this. Where the heck is the money coming from for this? At this point, it all seems like empty promises, unless they have a lot of printing presses on order or are willing to sell of wholesale chunks of this country to sovereign wealth funds in order to save their own collective fannies...
it’s coming from us, of course. And our children and grandchildren. Be a good serf and quit complaining. Your masters have a divine right to your money.
Un F’ing believable,is about all I can say.
Are these the new GHOST dollars that the Treasury is lending? Palin got it right, they don’t really have any FAITH to handle OPM..... We’re in safe hands, with leaders like Rangel....
” We are back to the dawn of industrial age “
One minor nitpicking quibble — there’s no ‘industrial’ about it....
Remember — we’re in the ‘information/service’ economy, now: we’re supposed to spend wealth (which we get by borrowing) without actually creating it....
The house-of-cards ponzi scheme is coming tumbling down....
By the bye, has anybody else noticed that the gummint has taken on new obligations - through various bailouts/loans/guarantees - exceeding 10% of the GDP??? The books don’t balance, and won’t in the foreseeable future.....
Don’t worry old Charlie Rangel has plenty of loose change to invest.... maybe his condo rent receipts or savings from his rent-controlled apartments will be the seed money...
To plunder or to be plundered, that is the question.
With a whimper, my FRiend.
With a whimper....
A whimper from the masses.A thunderous applause from Wall Street.
If all you guys are serious then put 70-100% of your money in gold. But I do not believe you are serious because you and I participate in fiat money system
The US dollar is highly leveraged. All currencies are leveraged and bloated and backed up by psychology and confidence. That’s what caused all these problems. Banks create money out of nothing to lend out. Now everyone wants to create money out of nothing like having a money tree in your backyard
And they’ll provide the list, when?
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