$Pistol Pete$, $Mick$ & Friends Stock Picks /news, DD and charts

[mick]

Last week the repo market, where banks borrow from each other and are supposed to pay interest on their overnight loans based on the fed funds rate set by the Federal Reserve, kind of, sort of, blew up.

Despite the fed funds rate, actually it's now a "band," having just been lowered by the Fed to 1.75%-2.00% some banks had to pay as much as 9% to borrow overnight in the fed funds market.

That's what I call blowing up.

Here's what the Fed said happened, what really happened, what it says about the Federal Reserve's control over America and how it's all going to affect the economy and your financial future...