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Cameras rolled as Fed Chair Jerome Powell dished out more accommodative rate cuts for his Wall Street masters on Wednesday…
… but he didn't say one word about the ongoing, extraordinary, and profoundly unsettling intervention in the "repo," or repurchasing markets.
We're three days into this silent crisis. It shows no signs of letting up. The Fed has pumped around $205 billion in emergency liquidity into this little-known but crucially important funding mechanism for banks – but it's been totally downplayed by the spinmeisters in the Marriner S. Eccles Building.
Folks, we're living through some of the most dangerous and dicey times since October 2008. And we deserve to know the truth about how thin the ice beneath our feet is.
Since we're not likely to get that from anyone in the D.C.-Wall Street pipeline, I'll lay out what's really going on here… Full Story