Fed waits for no one

So tell me why did Congress bother to vote? I guess McCain was too busy holding Sarah's hand on Couric's show tonight so it's Helicopter Ben to the rescue.

Sept. 29 (Bloomberg) -- The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.

The Fed's expansion of liquidity, the biggest since credit markets seized up last year, came hours before the U.S. House of Representatives rejected a $700 billion bailout for the financial industry. The crisis is reverberating through the global economy, causing stocks to plunge and forcing European governments to rescue four banks over the past two days alone.

So we're going to bail out the world with fake money while Congress dickers over how to give this administration another 700 billion? I'm told this will lead to staggering inflation.

Meanwhile I hear some executive of one of the failed companies walked away with millions for 17 days work and Bush will be rising early to address the nation at 7:45am tomorrow. Be sure to set your alarm clocks to red alert.

[More posts daily at The Newshoggers and The Detroit News.]