Wall Street Manna

An irreverent look at Wall Street

Thursday, September 25, 2008

The Fed's auctions

Take a look. They are a mess.
http://www.federalreserve.gov/monetarypolicy/taf.htm

For release at 10:00 a.m. EDT

On September 8, 2008, the Federal Reserve conducted an auction of $25 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction:

Stop-out rate: 2.670 percent

Total propositions submitted: $31.638 billion
Total propositions accepted: $25.000
Bid/cover ratio: 1.27

Number of bidders: 38
http://www.federalreserve.gov/monetarypolicy/20080909a.htm

For release at 10:00 a.m. EDT

On September 9, 2008, the Federal Reserve conducted an auction of $25 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

Stop-out rate: 2.530 percent

Total propositions submitted: $46.237 billion
Total propositions accepted: $25.000
Bid/cover ratio: 1.85

Number of bidders: 53
http://www.federalreserve.gov/monetarypolicy/20080910a.htm

For release at 10:00 a.m. EDT

On September 22, 2008, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

Stop-out rate: 3.750 percent

Total propositions submitted: $133.562 billion
Total propositions accepted: $75.000 billion
Bid/cover ratio: 1.78

Number of bidders: 85
http://www.federalreserve.gov/monetarypolicy/20080923a.htm

Anyone wondering why banks won't loan to each other? Why the TED spread is blowing out? Why banks lie on LIBOR or why it doesn't come down? In the first TAF; bids exceeded money by $6 billion; the 2nd by $21 billion, and the most recent, just 10 days later by $58 billion!

Show me the money! The banks are as tight as Joe Sixpack! BofA won't even loan to McDonald franchises anymore. You need a 700 FICO score to get a car.

Don't think this bail-out bill won't be passed with whatever restrictions the Democrats need.

Meanwhile, McCain, trots back to Washington, and says he can't debate Obama because he needs to work on the bail-out bill.

Whatever happened to multi-tasking? Clinton wasn't happy unless he was doing two things at once. Didn't he make phone calls while .....?

So the bail-out bill gets passed Friday. And we get the relief rally again!

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