Slipping under the radar last week amidst the hullabaloo in Washington over the bailout bill was
this story noting that in the past week alone, the Federal Reserve had pumped an astonishing $188 billion per day into the system in the form of emergency credit. This means that in just four days, the Fed injected as much money into the system as the entire $700 billion bailout proposal. After the proposal was rejected, the Fed responded by immediately announcing it would pour
another $630 billion into the global financial system.
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