Source:
ReutersNEW YORK, Jan 3 (Reuters) - U.S. banks' direct borrowings from the Federal Reserve for the week ended Wednesday surged to the largest amount since the week shortly after the Sept 11, 2001 attacks, data from the U.S. central bank showed on Thursday.
Primary credit borrowings at the Fed's discount window totaled $5.770 billion for the week ended Jan. 2. That was the largest weekly amount since the week of Sept. 12, 2001, when it hit $11.742 billion.
Overall discount window borrowing averaged $5.787 billion a day in the week ended Jan. 2, also the largest since the week of Sept. 12, 2001, when it averaged $11.47 billion.
Data also showed that New York-area banks were awarded $17.467 billion in the second $20 billion auction under the Fed's term facility, compared with $16.49 billion in the first auction.
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For Jan. 2, the single-day primary credit borrowings totaled $4.918 billion, the largest amount since Sept. 12, 2007 and the second largest single day tally since the $45 billion borrowed just after the Sept. 11 attacks.
Read more:
http://www.reuters.com/article/bondsNews/idUSN0323047220080103?sp=true
Okay - what exactly is the crisis?
Where are the terrorists?
Where did all that money go?