This is getting quite serious. For the first time, US banks' Nonborrowed reserves dipped below 0 since January 08.
US Bank Nonborrowed reserves (Sept. 08)
-$187.305 Billion
Then the $700B bailout (actually $850Billion, but who's counting?)
Today (Nov.) it's at
-$259.385 Billion
while the Fed based requirement sits at $52.272 Billion
Source: The US Federal Reserve
The tax payer Wall Street handout didn't seem to "rescue" much, or am I missing something?
6 months ago
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