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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Quelle Surprise! Fed Lent Over $110 Billion Against Junk Collateral During Crisis | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="eKt8pIL3O6"&gt;&lt;a href="https://www.nakedcapitalism.com/2011/04/quelle-surprise-fed-lent-over-110-billion-against-junk-collateral-during-crisis.html"&gt;Quelle Surprise! Fed Lent Over $110 Billion Against Junk Collateral During Crisis&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2011/04/quelle-surprise-fed-lent-over-110-billion-against-junk-collateral-during-crisis.html/embed#?secret=eKt8pIL3O6" width="600" height="338" title="&#x201C;Quelle Surprise! Fed Lent Over $110 Billion Against Junk Collateral During Crisis&#x201D; &#x2014; naked capitalism" data-secret="eKt8pIL3O6" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Former central banker Willem Buiter once remarked that the Federal Reserve's "unusual and exigent circumstances" clause, which enables it to lend to "any individual, partnership or corporation" if it can't get the dough from other banks, allows the Fed to lend against a dead dog if it so chooses.  It looks like the US central bank did precisely that.</description><thumbnail_url>http://www.nakedcapitalism.com/wp-content/uploads/2011/04/Screen-shot-2011-04-01-at-2.21.53-AM.png</thumbnail_url></oembed>

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