Mass. may seek a US loan as credit markets dry up

So now it begins! I guess if we are going to bail out Wall Street we are going to have to bail out everyone. Where can I get an application?

State Treasurer Timothy P. Cahill this week approached the US Treasury and the Federal Reserve Bank of Boston about lending Massachusetts money under the same extraordinary terms the government is giving banks and Wall Street firms during this financial crisis.

The request was prompted by the state’s inability to borrow from the short-term debt markets because the financial turmoil has essentially caused credit markets to stop lending or charge prohibitive rates. Earlier this week, Cahill’s office shelved a $750 million debt offering because there were no buyers for state or municipal debt, he said. He did say how much the state might want to borrow from the Fed.

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  1. BRavo! Personally, I hope they say yes… but I bet they say no. Either way, I hope the answer is published!

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