So Much for TALF! No Takers from New York Fed as First Deadline Passes

"I think it's fair to characterize this result as disappointing, and a little disconcerting."

That was the nut of a 5:29 p.m. email on Tuesday from Sam Chandan, chief economist and president of Real Estate Econometrics, and a faculty member at Wharton. He was talking about the incredibly arcane, nearly impossible to understand government program called TALF, or the Term Asset-Backed Securities Loan Facility.

Tuesday was the first deadline for investors seeking New York Fed-issued loans...

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