TROUBLED BIG BANKS? Federal Reserve loans $500 BILLION overnight during coronavirus chaos
March 13, 2020
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11:56Now PlayingTROUBLED BIG BANKS? Federal Reserve loans $500 BILLION overnight during coronavirus chaos
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as posted by the channelIt's federal law that banks have to cover their debts each night before closing, if they want to open their doors the next day. If they can't cover the costs, banks can use loans but it's a sign of serious trouble for that bank and possibly for the economy. Days before the 2008 market crash in America, the Federal Reserve Bank of New York tried to loan 50 billion dollars to a struggling bank. It was the most amount of money loaned to a bank in history at the time. But this week, the Federal Reserve loaned 500 BILLION dollars to a struggling bank, in the midst of this coronavirus crisis. When it comes to deadly pandemics, have a precedent to study to learn how to move forward: the Spanish Flu in 1918. But, we don't have any kind of precedent for this. We know the market has been struggling, as the DOW report continues to drop. What comes next?
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