Mass. Asks About Federal Loan Amid Market Worries
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  1. #1

    Mass. Asks About Federal Loan Amid Market Worries

    Here we go again. It is the nightmare that will not end.

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    Mass. Asks About Federal Loan Amid Market Worries
    Saturday, October 04, 2008

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    BOSTON The treasurer of Massachusetts has asked the federal government about lending Massachusetts money under the same favorable terms it has given banks and firms during the financial crisis.



    Treasurer Timothy Cahill's requests to the U.S. Treasury and Federal Reserve Bank of Boston this week were prompted by the state's inability to borrow from the short-term debt markets, The Boston Globe reported Saturday. The financial turmoil has caused credit markets to stop lending, or to charge prohibitive rates.

    California has made a similar request, saying it would run out of money by the end of the month if the short-term debt markets do not ease. The state asked whether it could not obtain loans from the Fed.

    Massachusetts has enough money to cover its expenses for the coming weeks, Cahill said. But a low-rate loan would ease a cash shortfall if the credit problems persist.

    "That's all we would ask them to do: Treat us like the investment banks," Cahill said.

    Federal officials have not responded to his request, Cahill said Friday.

    The state's borrowing problems come as it deals with a $223 million shortfall in projected tax collections during the first quarter of the state's fiscal year. On Thursday, Gov. Deval Patrick announced the first of what could be a series of cuts to programs and operations to deal with the sagging collections.
    By faith Noah,being warned of God of things not seen as yet, moved with fear,prepared an ark to the saving of his house;by the which he condemned the world,and became heir of the righteousness which is by faith Heb.11:7

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  3. #2
    Join Date
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    Ted Kennedy will probably be successful at bringing home the bacon.

  4. #3
    Cook his bacon.My guns have killed less people than his cars.Put him in with simson.

  5. #4
    Join Date
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    Hey, wait a second! Unless you know something I don't, guns don't pull their own triggers, and cars don't steer themselves.

  6. #5
    Quote Originally Posted by tattedupboy View Post
    Hey, wait a second! Unless you know something I don't, guns don't pull their own triggers, and cars don't steer themselves.
    he must have used the knight rider car then.
    You can have my freedom as soon as I'm done with it!!!

  7. #6
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    Quote Originally Posted by Scarecrow View Post
    he must have used the knight rider car then.
    I didn't even consider that.

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