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FED extends the emergency lending programs Crisis what crisis?? Ben Bernanke and the Fed have today extended the emergency lending program through to January. So convinced that the financial turmoil is finished or coming to an end the Dow is continuing the rally from yesterday. Yet this on the very day that the Federal Reserve announces that it is extending and increasing it emergency programs through to January. Amazing that not one person is commentating on what must be a very clear signal that the Federal Reserve and others know that the crisis is far from complete and help is still desperately needed. Indeed the Federal Reserve is increasing its Thus it is with degree skepticism that we are view the current US equity market rally. We still believe this is a lot more to come out of the wood work yet on the subprime and deepening credit crisis both in the US and the UK. If this were not the case, why would the Fed have taken this action and also asked for extended and increased lines from the ECB too. A keenly awaited decision of the BoE and the MPC as to the interest rate policy is due tomorrow. Euro is standing on the key 1.5555 level and still holding. This could be the last big push before the US Dollar cracks. Time will tell.