The Congress Blog

Andrew Porter and James Kirkup
Telegraph
October 8, 2008

The prospect of a high-level global meeting came as the US central bank launched a new bid to unfreeze credit markets by effectively lending billions of dollars to US companies.

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The Federal Reserve moved after lending in the commercial paper market - where companies raise money from the open money markets - all but ceased, raising a serious threat to many American businesses’ operations.

“This facility should encourage investors to once again engage in term lending in the commercial paper market,” the Fed said.

The Fed’s move — which puts billions of dollars of US taxpayers’ money at risk — was the latest sign of how desperate American leaders are to unblock the global financial system and avert a severe recession.

Mr Bush underlined that message personally on Tuesday in conversations with other world leaders.

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