February 03, 2009
The Emergency Gets Institutionalized
Posted by David Zaring

The Fed has extended the lives of all of those emergency funding programs devised in the fall - backstops for commercial paper, money market funds, primary dealers (read: investment banks not yet clearly bank holding companies) and short-duration securities - for six more months.  I'm no believer in the empire-building hypothesis of ever expanding efforts to build regulatory turf, but it's hard to stop a market intervention once you've done it by fiat, no?

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