2008-10-06 — nakedcapitalism.com
"The increase in the size of the Term Auction Facility, from $150 billion a month ($75 billion per two 28 day auction) as of tis last auction to $900 billion today (with an interim plan to go to $450 billion that was blown past in this announcement) is an admission that the banking system is not functioning. The size of the TAF, a single facility, now exceeds that of the Fed's entire former balance sheet size."
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