"Some economists said the Fed might move to accept an even wider array of collateral for the auction

[antigop]

I missed this earlier.

http://news.yahoo.com/s/ap/20080311/ap_on_bi_ge/fed_credit_crisis

The loans of Treasury securities would be made available through weekly auctions, beginning on March 27.

For now, up to $200 billion of Treasury securities is envisioned being made available. Fed officials, however, didn't rule out additional operations of this sort down the road.

Next steps? Some economists said the Fed might move to accept an even wider array of collateral for the auctions.

Granted, it falls in the "Some people say..." category, but still I'm wondering what else is being discussed. What else is going to be used as collateral?

[thunder rising]

1. Hey I got this 1975 Buick and an old dog .. how 'bout $200M of them notes.

[antigop]

2. Makes you wonder, doesn't it? n/t

[bluerum]

3. I can't believe that they are basically saying give us your worthless mortgage

backed securities as collateral and we will loan you billions of dollars and trust you to do the right thing!!!!

This is the last gasp giveaway to the rich corpo's by chimpy and his gang before they are run out of town. This is the bush equivalent of trashing a hotel room by throwing a wild party and sticking someone else with the bill.

[antigop]

4. Sometimes I think,"Yes, it's hard to believe", but then I remind myself of who these guys really

are.

I guess nothing should surprise us any more.

My outrage meter was on overload a looong time ago.

[magellan]

5. If they REALLY want to help the economy

...they should divvy up $200 billion and give equal portions to every household in America that earns less than $200K/year. Tax-free.

One condition could be that if you have any outstanding debt or bankruptcy, it has to be paid off out of your portion first. The rest is free and clear to use as you will, and if you blow it shame on you.

Hey, that's essentially what the Fed has done for the lenders, given them free money. And it's already gone and hasn't done a jot of good. Why not give the frikkin' handout to those who actually keep the economy ticking over?

[antigop]

6. I vote that Bernanke resign and you take his place. How's that? n/t

[magellan]

7. Thank you for the vote of confidence

My plan is brilliant, if I do say so myself. What working stiff wouldn't agree?

Just think. We could individually, or in groups, wean OURSELVES off oil dependency because we'd all have the money to invest in hybrids and alternative fuel sources for our homes. There'd be no more job shortage because a lot of people would quit working, at least until they burned through their money, or forever if they were wise with it. I think many would eventually return to work just to feel productive, but by choice, not necessity.

I'd include the homeless, too. At the very least I'd set up a fund to ensure that no man, woman or child ever need live on the streets again and are put on equal footing with the new improved "middle class" American status.

You realize, of course, this would also lay down a clear path towards taking our government back. Imagine elected officials having to deal with a country full of millionaires. The fear alone makes me smile.

Of course there'd be problems, but no plan is perfect. I'd insist on keeping it extremely simple and tell everyone who doesn't agree that I take their bluster to mean they aren't interested in their portion of the money. That ought to shut most of them up. Hell, the government makes all sorts of decisions to do with our money without our approval; time for the shoe to go on the other foot.

Is it any crazier than what the Repugs have done for the last 20 years?