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: The Illinois Personal Injury Weblog of Schaeffer & Lamere P.C.

Ending the Credit Crunch

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From the Associated Press via Yahoo! News: "Fed: Another $20B auctioned to banks," by Martin Crutsinger--

The Federal Reserve, working to combat the effects of a severe credit crunch, announced Friday it had auctioned another $20 billion in funds to commercial banks at an interest rate of 4.67 percent. Fed officials pledged to continue with the auctions "for as long as necessary."

The central bank said it had received bids for $57.7 billion worth of loans, nearly three times the amount being offered, indicating continued strong interest in the Fed's new approach to providing money to cash-strapped banks.

--Posted by Alton Illinois accident lawyers and the Godfrey Illinois p.i. attorneys of Schaeffer & Lamere, P.C., handling car accidents, workers' compensation, personal injury, products liability, medical malpractice, trucking accidents, and more.

Full post as published by The Illinois Personal Injury Weblog of Schaeffer & Lamere P.C. on December 21, 2007 (boomark / email).