Die Amis versuchen alles

Dow Jones is now up significantly from the bottom of 9,518 on news that the Fed is working with the US Treasury on plans for a move into unsecured lending in the hope that this extreme step could help bring credit mkts back to life. As well as unsecured lending to banks, this could lead to the Fed directly purchasing commercial paper or funding a SPV set up to do this. (Source: Financial Times)