“At the risk of oversimplifying, on the night of September 16th, the annualized rate for borrowing was 2% but suddenly there were no lenders. So the rate went up to 4% then 5% – still no institution was willing to lend even at those rates. Ultimately, the rate went all the way to 10%.
“Think about that. The borrowing rate went up 500% in a matter of hours. The Federal Reserve was forced to step in to provide the funds to borrow in order to bring borrowing rates back down and prevent a major credit crisis. And they have literally put in billions every day since.” Click here to read the full report ….
