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    The Fed Takes Auto Loans and Credit Card Debt as Collateral

    In From Dawn to Decadence Jacques Barzun noted that, “A decadent culture offers opportunities chiefly to the satirist.”  Maybe so, but these days it is nearly impossible to distinguish satire from fact:

    The Federal Reserve, along with other central banks, said Friday that it was increasing the funding it is providing to banks and announced that, for the first time, it was willing to accept bonds backed by auto loans and credit cards. 


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    Posted: May 2nd, 2008 under Americas, General.
    Comments: none

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