Reanimation for the Melt Down

The Wicked Witch of The East: Ohhh! You cursed brat! Look what you've done! I'm melting! Melting! Oh, what a world! What a world!

A Wizard in Kansas? Kansas Fed Head Hoeing says the impact of housing on the economy is wider than its mere 6% share of GDP. Do ya think?

Melting? Finance company GMAC's Residential Capital home mortgage unit may be close to violating certain debt covenants due to a plunge in its net worth.

Pumping it up... Today, the Federal Reserve pumped its biggest temporary daily infusion $47.25 billion, into the U.S. banking system since 09/19/01.

Short term lending costs or overnight intrabank lending rates, are rising as U.S. commercial paper outstanding shrank for the second consecutive week...

The overall U.S. commercial paper sector shrank to $1.862 trillion in the week ended Nov. 14, down $3.6 billion from a week earlier.

And the size of the U.S. ABCP asset-backed commercial paper market contracted for a 14th straight week.

Debt maturing in 270 days or less and backed by mortgages, credit-card loans and other assets fell $574 million to a seasonally adjusted $853.3 billion.

The decline was the smallest since the market began shrinking from its peak of $1.2 trillion on Aug. 8, a decline of 29%.

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