The Fed's Direct Lending to Municipal Liquidity Facility

i wanted to talk about alex your peace in the new york times that you recently had published back in july. Government did briefly begin direct lending to municipalities. It was an unprecedented extension of the feds, lender of last resort powers. The fed's very entry into this market prevented its collapse and kept private lending flowing. Still, because the fed itself didn't offer very generous loan terms compared with private lenders, the milf directly lent to only two borrowers, the state of illinois and new York m t a.

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