Federal Reserve 800 Billion Dollar Consumer Loan And Bond Plan
United States policy responses to the late-2000s recession explores legislation, banking industry and market volatility within retirement plans.
The Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19 to intervene in the crisis caused by the late-2000s recession. To stop the potential run on money market mutual funds, the Treasury also announced on September 19 a new $50 billion program to insure the investments, similar to the Federal Deposit Insurance Corporation (FDIC) program. Part of the announcements included temporary exceptions to section 23A and 23B (Regulation W), allowing financial groups to more easily share funds within their group. The exceptions would expire on January 30, 2009, unless extended by the Federal Reserve Board. The Securities and Exchange Commission announced termination of short-selling of 799 financial stocks, as well as action against naked short selling, as part of its reaction to the mortgage crisis.
Read more about Federal Reserve 800 Billion Dollar Consumer Loan And Bond Plan: Market Volatility Within US 401(k) and Retirement Plans, Loans To Banks For Asset-backed Commercial Paper, Federal Reserve Lowers Interest Rates, Legislation, Federal Reserve Response
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“[M]y conception of liberty does not permit an individual citizen or a group of citizens to commit acts of depredation against nature in such a way as to harm their neighbors and especially to harm the future generations of Americans. If many years ago we had had the necessary knowledge, and especially the necessary willingness on the part of the Federal Government, we would have saved a sum, a sum of money which has cost the taxpayers of America two billion dollars.”
—Franklin D. Roosevelt (1882–1945)
“Her face had the seamed reserve of the old in this country [Japan]. It was a neighborhood poignantly rich in old ladies.”
—Angela Carter (1940–1992)
“... men and women are not yet free.... The slavery of greed endures. Little child workers, the hope of the future, are sacrificed to industry. Young men are sent out by the billion to die for profits.... We must destroy industrial slavery and build industrial democracy.... The people everywhere must come into possession of the earth [second, third, and fourth ellipses in source].”
—Sara Bard Field (1882–1974)
“... if we have a dollar to spend on some wild excess, we shall spend it on a book, not on asparagus out of season.”
—Katharine Fullerton Gerould (1879–1944)
“Vice is its own reward. It is virtue which, if it is to be marketed with consumer appeal, must carry Green Shield stamps.”
—Quentin Crisp (b. 1908)
“Slight was the thing I bought,
Small was the debt I thought,
Poor was the loan at best—
God! but the interest!”
—Paul Laurence Dunbar (1872–1906)
“The bond between a man and his profession is similar to that which ties him to his country; it is just as complex, often ambivalent, and in general it is understood completely only when it is broken: by exile or emigration in the case of one’s country, by retirement in the case of a trade or profession.”
—Primo Levi (1919–1987)
“He fashions evil for himself who does evil to another, and an evil plan does mischief to the planner.”
—Hesiod (c. 8th century B.C.)