An excellent and scary chart of Fed's Panic

Why the Congress Bailout? The FED can always print money. Just Pump in 630 Billion into banking system yesterday. The strangness of asking the congress for $700 Billion bailout package for wall street makes one to think how serious is the United States Banking Sector. It already way pass trillion and the Banking industry need to pay back.



From Brad Sester Blog:
As Brad notes, this doesn't even reflect anywhere NEAR all of the Fed's actions to try to rescusitate fialed financial system--nor does it reflect the collective actions of the other central banks--in this epic fight to the death between the forces of debt destruction and reflation/monetization/nationalization now underway.In fact, by my recknoning the Fed has well exceeded its original $900 billion balance sheet that was previously backed by Treasuries and is now well into pure (albeit ostensibly "temporary") monetization mode.Yet, just one look at LIBOR, TED spreads or any other metric of credit reveals that the collective efforts of all the central banks and governments of the world has been a dismal failure so far in stemming the credit/derivatives collapse