Were you seriously looking for the word "catastrophe" in federal reserve press releases? Try to keep in mind that the DJIA can collapse if the fed chairman has the hiccups--so, they tend to wrap everything in "fedspeak"
...what really happened was that the fed gave FDIC-style assurances to the money markets, which are not regulated in the manner of FDIC-insured commercial banks. That sounds boring as hell, I know.
http://www.youtube.com/watch?v=0liegrixknA
...what really happened was that the fed gave FDIC-style assurances to the money markets, which are not regulated in the manner of FDIC-insured commercial banks. That sounds boring as hell, I know.