Nov 30
Readers no doubt recall that the Fed announced the creation of the Term Asset-Backed Securities Loan Facility, which will lend as much as $200 billion against new or recent vintage asset backed securities collateralized by "student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration." One wonders if the order reflects the Fed's priorities. Most commentators saw this as part of an effort to jump start consumer spending. But this may all come too late
