Posted on 08/20/2009 9:27:07 AM PDT by Kartographer
The Federal Reserve Bank of New York bought $2.599 billion in Treasurys on Wednesday. Dealers submitted $13.087 billion in debt maturing between 2021 and 2026 to the Fed. When the Fed last bought debt with those maturities, it purchased about $3 billion. The U.S. central bank has purchased more than $250 billion of the $300 billion in U.S. debt it promised in March to buy in an effort to keep borrowing costs, particularly for companies and homebuyers, affordable. Fed policy makers said last week they will slow down purchases to finish the buybacks in October, a month later than previously anticipated. Ten-year note yields , which move in the opposite direction of prices, remained lower on the day. The yield fell 7 basis points to 3.44%, the lowest in more than a month.
Not in the foreseeable future....
” When will the madness end!!! “
Am I understanding the situation correctly??
The Fed is either
a) buying Teasuries (US Debt) with borrowed money (Using the Visa to pay the Mastercard), or
b) ‘printing’ the money to buy the treasuries (writing hot checks)
Madness, indeed.....
This is the United States of America after all.
Our country is so frickin bankrupt this isn’t even funny.
This is like the chicken running around with its head cut off, not yet realizing it’s dead.
” Our country is so frickin bankrupt this isnt even funny. “
But... But....
The DJI is up, and the unemployment number was ‘unexpected’, and Obama has saved us all by serving ‘Green-shoots Salad’.. (Which, by the way, is all we’ll be able to eat legally when healthcare comes into full effect..)
Where’s the problem??
/sarc
Peg Bundy continues to buy her own makeup in order to become Mary Kay Saleswoman of the Month....
Best analogy I've seen in some time. It's all fake, proped up numbers. There hasn't been honest numbers about the state of our treasury since the federal reserve act of 1913. Not even then actually. There is no treasury, there is no cash backed up by anything but numbers in minds and on news releases. There is no debt and no cash flow. Just number shifting and illusion.
Accumulated Debt/Savings In the last 43 secs.
Borrowed by the General Fund $ 11,872,255,399,008* $ 4,184,075
Income: Income taxes. Outgo: Defense 30%, Interest 19%, ...
Saved by the Social Security Trust + $ 2,487,316,599,937 $ 240,584
Income: FICA Payroll taxes. Outgo: Benefits and disability
Saved by other Gov. Trust Funds + $ 5,719,537,103,717 $ 3,626,756
Income: FICA & gas taxes. Outgo: Medicare, highways, etc.
* Gross National Debt
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