Central Banks move to give more money to the rich

Central banks move to shore up financial system


The European Central Bank [ECB], the Bank of England, the United States Federal Board and the Bank of Canada have all either offered up extra cash for debt-heavy financial service companies to borrow, or relaxed the collateral requirements that would allow these firms to access existing cash from central banks.


What does it mean, "relaxed the collateral requirements" ?
The extra cash part is easy to understand. Oh poor rich bank ! Let me give you some cash ! You don't have to pay it back ever !


Also on Monday, the U.S. Federal Reserve said it would allow mortgage-backed paper to be used as collateral for firms borrowing from the central bank.


Oh I see. All those mortgages that are about to be defaulted on ? You can trade them in for cash and when they default the US taxpayer will take the hit and not you poor little bank backed by all the rich dudes who were promised by the government they wouldn't lose a dime.


The Fed move followed a similar shift by the Bank of Canada last week. Canada's central bank relaxed the type of assets it would accept from financial companies accessing its cash pools.


Whats this ? When did Canada start donating money to rich US citizens ? What idiot dreamed up this plan ? If this is true , it means that not only did this mortgage fiasco take the US taxpayers to the cleaners, it took Canadians too !

I PROTEST ! WHY ARE WE GIVING MONEY TO RICH AMERICANS ! THIS IS STUPID STUPID STUPID !!!!