Wall Street extended last week's losses Monday as investors remained skeptical that the Federal Reserve's first credit auction will loosen up a tight market.
The Fed, responding to a flagging economy that some fear is headed for recession, is offering $20 billion in 28-day credit through an auction Monday. The aim of the auction is to encourage commercial banks to borrow from the central bank, and in turn, boost banks' lending to businesses and consumers.
Oluv: Well this could build a better business relationship with small companies and banks but now day's banks is scare to let middle class clients borrow a $5.00 bill! The Federal Reserve got to fix this money issue plus with the cost of living, its hard for a lot of Americans to stay up float during Christmas time. Read more on this Story....
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