Where’s the Window?

Can anyone help me find the Fed’s discount window?

They’re giving out loans at 5.75% there, but I’ve looked all over the place and the window is nowhere to be found. It’s not at the ATM, and if it’s inside my bank, it’s not marked.

I heard that the Fed had dropped the discount rate that it charges banks, so they can now borrow directly at the discount window and pay less. The Fed says it’s eager to lend, especially to encourage banks to issue home mortgages.

In a conference call Friday, Fed officials told major banks that discount window borrowing would be viewed as a sign of strength, not weakness. I think that means it will be viewed as a sign of weakness, not strength. They probably take your picture, too.

I don’t pretend to be a bank, but lending directly to homeowners would be cheaper and faster. I don’t know why they didn’t think of that.

Maybe I’ll try the Post Office.

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