Despite a small rise in the stock market last week, the volatility, including a sharp drop on Thursday, still has everyone on edge. There were several reasons for this. First, the maintenance of stock prices at anything resembling their recent levels required a staggering infusion of "liquidity" (in other words, newly created money) by the world's central banks, $213.6 billion on Thursday and Friday by the European Central Bank, $62 billion by the U.S. Fed). Second, that infusion of liquidity included an unprecedented departure by the U.S. Federal Reserve. This time they actually bought CDO's (collateralized debt obligations). Usually they buy short term Federal Reserve obligations. This implies that no one else would accept these CDO's.
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Pat Tillman |
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Leah Fortin's rooftop hive. |
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Key activities in the next few weeks will include checkouts of science instruments, radar and the communication system that will be used during and after the landing. |
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