Per The Big Picture:
Another weekend, another bailout, another market reaction:
How many Sunday press releases is it going to take to save the financial system from ruin? If you’re are keeping score at home, this is now the sixth Sunday night/Monday morning press release in 14 months aimed at saving the financial system. Consider the recent history of these weekend rescues:
- Recent Events:
- August 2007, when the credit crunch was officially recognized by the Fed, when they cut the discount rate.
- December 2007, with the announcement of the TAF and other credit facilities
- January 2008 Soc Gen panic, and a 75 bps emergency cut
- March 2008 with the Bear Stearns bailout.
- July 2008 the first Fannie/Freddie rescue attempt
- September 2008 the actual Bailout of Fannie/Freddie