Banks borrow more from Fed, investment firms less

Banks draw more, investment firms less over past week from Fed's emergency lending program

By MARTIN CRUTSINGER AP Economics Writer | AP

Jan 29, 2009

Email To A Friend

Please fill in the following information and we'll email this link.

The Federal Reserve says commercial banks boosted their borrowing over the past week from its emergency lending program, while investment firms drew less.

The Fed says commercial banks averaged nearly $65 billion in daily borrowing over the week ending Wednesday. That was up from $61.6 billion in average daily borrowing logged over the week that ended Jan. 21.

Investment firms drew $32 billion over the past week. That was down from an average of nearly $32.7 billion the previous week. This category includes any loans that were made to the U.S.- and London-based broker-dealer subsidiaries of Goldman Sachs, Morgan Stanley and Bank of America Corp.'s Merrill Lynch.

Member Comments

- Reply
- Report Abuse
Posted By: josephjsalas @ 03/21/2008 3:51:42 PM

"Quit beating arround the BUSH! Everybody knows the little people base their decisions upon the DJI
ticker. Everyone should know by now that the DJI is based upon Banking and Oil! So between the
Iraq war and the Fed supplying the crutch needed for the big banks, eveyone should know that
Wall Street and the Dollar are both backed and produced by green ink and liquid crystal!
- Reply
- Report Abuse
Posted By: tired and old @ 03/17/2008 1:25:03 PM

It is a real joy to hear that the government wants to bring calm to the stock market ?

I only wish that I had enought money to purchase a stock certificate. Unfortunately my money seems to be in short supply. I think it is important to have food to eat, taxes to pay, propane to buy, fuel to purchase.

Where has the government been as my expenses continued to grow ?

In the Bush years food has tripled, gasoline has tripled, and propane tripled.

President Bush thank you for caring about that which I can't afford. I hope you have lots of fun counting your millions after retiring from government; just, like Bill Clinton.
- Reply
- Report Abuse
Posted By: C. MacLean @ 03/17/2008 11:33:47 AM

Well, well, well. I thought the republicans were the party of less government interference, but amazingly, when it comes down to money, they somehow manage to take care of their own.

And at this point, they had no choice - the alternative, to allow Bear Stearns to collapse, was unthinkable.

But by all means, let's continue to maintain tax cuts for the rich while we make paupers of the middle class. By all means, let's continue to insist we are a society based on capitalism and consumerism but send our jobs overseas. (Tough to tax the middle class if they aren't employed, huh?)

And by all means, let's continue to pour more money into the Middle East and the military, draining our coffers at home, so we can continue to prop up Big Oil - the people who brought you record profits even as gas climbs to $4/gallon and beyond.

George Bush says, "we have taken strong, decisive action." No, George. Strong decisive action would have been avoiding going to war against an oil producing nation. Strong decisive action would have been to figure out how to balance the budget. Strong decisive action would have been to show some backbone and leadership.

January 21, 2009 can't come soon enough.