Good commentary from FT regarding the 180 Billon swap. Title: The Fed’s run out of money

[galileoreloaded]

http://ftalphaville.ft.com/blog/2008/09/17/16019/the-feds-run-out-of-money/

"Seriously. It’s broke. Here’s the statement from the US Treasury:

The Federal Reserve has announced a series of lending and liquidity initiatives during the past several quarters intended to address heightened liquidity pressures in the financial market, including enhancing its liquidity facilities this week. To manage the balance sheet impact of these efforts, the Federal Reserve has taken a number of actions, including redeeming and selling securities from the System Open Market Account portfolio."