The US Government and its Maxed Out Credit Card
Submitted by theStockMasters... on Wed, 11/12/2008 - 21:46
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It looks like it’s time to change the name of our
country from the United States of America to the United States of Broke-Town, population 200 million.
On November 10, 2008, the Federal Reserve conducted an auction of $150 billion in 17-day credit through its Term Auction Facility. This was a forward auction designed to provide term funding over year-end--the awarded loans will settle on December 22, 2008. Following are the results of the auction: Total propositions accepted: $12.629 billion
That’s a little scary, when you keep in mind that in October, we were able to sell 113 Billion.
America, it’s time to hold a going-out-of-business sale. Everything must go!
See the Federal Reserve Press Releases Here:
http://www.federalreserve.gov/newsevents/press/monetary/20081021b.htm
http://www.federalreserve.gov/newsevents/press/monetary/20081112a.htm
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