On Wednesday night, the U.S. Federal Reserve pumped $75 billion into the financial system through overnight repurchase, or "repo" agreements, marking the third time it intervened in U.S. money markets in as many days. The last time the Federal Reserve flushed the banking sector with this much cash was during the financial crisis of 2008.
On the radio program Thursday, Glenn Beck broke down the details of this week's significant market developments and issued a warning reminiscent of his cautionary predictions before the 2008 economic crash.
"If the hairs aren't standing up on the back of your neck yet, they should be," Glenn said. "The Fed stepping into the market to give more cash, unannounced, three days in a row, screams something is very wrong. There is a massive lack of cash at hand. We're also already in a very loose and cheap money environment with really super low interest rates and trillions in cash that has just been printed and injected in the market by the way of quantitative easing. The fact that the banks need $75 billion of extra cash every day, day after day, is a sign that something is dramatically wrong."
Glenn encouraged listeners to heed his warning and batten down the fiscal hatches.
"The last time the banks were doing this to shore up their balance on the sheets was in 2008. It was a warning sign then, that we talked about, and very few people recognized it at the time," he said. "I'm warning you again, please recognize this warning signal this time around."
Watch the video below for more details:
UPDATE: The Federal Reserve has now pumped $75 billion into the banking sector for four consecutive days, and they're doing it again tonight. The total so far adds up to more than half of the $700 billion bank bailout, or TARP bill, in 2009 -- and the banks are still asking for more.
Watch the video below for Friday's update:
Watch the full episode here.
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