If you can

Keep your head while everyone is losing theirs......

..... Perhaps you don't understand the situation.

Good stuff.(this was just funny when I heard it)

DJ NY Fed: Desk Stands Ready To Intervene If Needed

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NEW YORK (Dow Jones)--The Federal Reserve Bank of New York refrained from intervening in the federal-funds market Wednesday morning, saying banking reserves were "abundant."

In a statement posted on the bank's Web site, the New York Fed said it "stands ready to arrange operations later in the day if needed."

The Fed typically buys on a temporary basis a mix of Treasury, agency and mortgage securities to achieve the monetary policy objectives set by the Federal Open Market Committee. The actions, known as open market operations, are technical. The federal-funds market is where banks borrow and lend each other reserves.

The fed-funds market has been subject to considerable stress this week. While the official target rate is set at 2%, funds have frequently traded well above that level, driving the Fed to intervene with very large operations.

Still, even as the Fed decided not to intervene Wednesday morning, the fed-funds rate was trading above target around 3% at 9:40 a.m. EDT. Meanwhile, flight-to-quality concerns were rattling Treasury bills, sending prices there to levels not seen in decades. .