[Infowarrior] - Fed Pledges Top $7.4 Trillion to Ease Frozen Credit

[Richard Forno]

Fed Pledges Top $7.4 Trillion to Ease Frozen Credit (Update1)

By Mark Pittman and Bob Ivry

Nov. 24 (Bloomberg) -- The U.S. government is prepared to lend more  
than $7.4 trillion on behalf of American taxpayers, or half the value  
of everything produced in the nation last year, to rescue the  
financial system since the credit markets seized up 15 months ago.

The unprecedented pledge of funds includes $2.8 trillion already  
tapped by financial institutions in the biggest response to an  
economic emergency since the New Deal of the 1930s, according to data  
compiled by Bloomberg. The commitment dwarfs the only plan approved by  
lawmakers, the Treasury Department’s $700 billion Troubled Asset  
Relief Program. Federal Reserve lending last week was 1,900 times the  
weekly average for the three years before the crisis.

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http://bloomberg.com/apps/news?pid=20601109&sid=arEE1iClqDrk&refer=home