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Euphoria from liquidity injections usually lasts only a short time, unless the underlying problems get fixed. In this case, the problems may be even worse than the market realized. The Fed's delayed reaction to the market turmoil and its initial cold shoulder to AIG may not have been voluntary, it may have had no choice. On Wednesday, the Fed asked the U.S. Treasury to raise money on its behalf by selling bonds and by Thursday it had received $160 billion from this operation. The Fed has never made this request from the Treasury before. While the official explanation for doing so was to help with its cash management, this is highly unlikely. More plausible is that the Fed itself has run out of money and is being secretly bailed out. Events that took place Thursday evening lent further credence to this belief.
Organizer, New York Investing meetup