Following a roller-coaster day on Wall Street that saw the Dow close under 10,000 for the first time in years, the Federal Reserve announced on October 7 that it will invoke emergency powers under which it will buy billions in commercial paper - shortterm debt instruments - in order to provide credit to companies other than those in the financial sector that have been stung by the collapse of the credit market.
Fed to Buy Commercial Paper Anonymous The New American; Oct 27, 2008; 24, 22; Docstoc pg. 7 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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