Trying to outdo the Carter era

These guys are trying their damnest to give us runaway inflation at the same time we have a deep recession. Bless their hearts.

The Federal Reserve announced it is going to buy commercial paper in an effort to restart a market that has virtually shut down in recent weeks. In another unprecedented move to combat the credit crunch, the Fed said it would set up a special purpose vehicle to purchase three-month unsecured and asset-backed commercial paper. Lending in the commercial paper market has shrunk in recent weeks given the turmoil in financial markets. The Fed said that the Bush Administration believed the move was necessary and will make a special deposit with the central bank to support the facility. The Fed did not give an estimate of how much commercial paper it would purchase.