Fed Extends Emergency TALF Program Until Mid 2010

No real surprise here.  Bernanke can't pull the punch bowl. 

Watch

Former CNBC anchor Margaret Brennan now at Bloomberg.

Update on Aug 19, 2009 at 2:38 AM by DailyBail

Update: Link is fixed.

Comments

[DailyBail]

S.E.C. Floats a Short-Selling Proposal

http://www.nytimes.com/2009/08/18/business/18sec.html?_r=2&ref=business

[DailyBail]

Robert Novak Dies Of Cancer

http://www.washingtonexaminer.com/politics/Columnist-Robert-D-Novak-dies-after-battle-with-cancer-53565807.html

[James H]

The Fed and Treasury believe that the market for CMBS is "impaired" and thus the need for TALF. No shit that market's impaired!

OK, time to play Dumbass or Liar -- do they really believe the CRE market is going to go gangbusters in a few months, or are they just lying in order to give away more money? You decide.

(Too bad Code PInk doesn't do finance -- otherwise they could unfurl banners reading "End the TALF!" or "Debt for Equity Swaps NOW!". Maybe we need a Code Pitchfork -- which would be a subsidiary of the PFSC. Any ideas? I'm really tired of just talking and writing. Anyone?)

[James H]

Here's the Bloomberg link re TALF.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGPi.Lptz2cE

[James H]

If you're a fan of Uncle Ben's alphabet soup, you should also know that the Fed discount window accepts as collateral bonds issued under the TLGP (Temporary Liquidity Guarantee Program) -- that's the bank's FDIC-backed bonds. Total circle jerk.

[James H]

Here's the link for TLGP and the Fed discount window.
http://www.frbdiscountwindow.org/announcement090330.cfm?hdrID=21

[spideydouble]

@ James

I'm with you on Code Pitchfork.. Name the place and date.

[James H]

@spidey

That makes two of us. Who else could we count in? Seriously, there's been a lot of similar talk over on Karl Denninger's site. The Big Picture has had similar threads as well. And Mish's site. There are apparently a whole bunch of folks just looking for a spark. I'm horrible at organizing, but I think that all of these people should be able to "see" one another in one place to really get a sense of numbers and interest. Some kind of pledge list for taking part in some kind of (unspecified) mass action. It could be physical or digital. We could meet in the streets with our pitchforks (really, we should get real ones) or, in open carry states, with our rifles. It might mean working with the tea party folks, but skipping all the tea-bag crap -- weapons and sharp farm impliments ONLY. It would also mean rejecting any kind of GOP involvement beyond local groups angry at their own party. In other words, the anti-Obama zealots would have to cheer when people bash George Bush and Hank Paulson. There's definitely something afoot in this country -- whether it's Ron Paul's presidential run, or Peter Schiff's senate campaign, or the tea parties (Burlington VT's tea party also snubbed the local GOP), or the recent health care town halls. The time is ripe for real change. Anyway, here's the link to KD's Ticker Forum.

http://tickerforum.org/cgi-ticker/akcs-www?post=107337

Here's the Ticker that inspired the discussion.

http://market-ticker.org/archives/1344-Will-It-All-Come-Tumbling-Down.html

[S. Gompers]

James H and Spidey

I don't know if you could ever get GOPers to boo their own publically, but I like this idea... Reminds me of a lovely time in Seattle on Nov. 30 1999.. .