FED BEHIND THE CURTAIN

The Fed is also focused on two other areas as it seeks to stimulate the economy – financing consumer loans and potential purchases of Treasury bonds.
To fund these operations it is expanding bank reserves rapidly – creating money in a similar way to if it were printing dollar bills.
The Fed is eager to increase the size of the financing programme in which it offers low-cost loans to investors who purchase new consumer loans bundled up as asset-backed securities. But to do so it will require more risk capital from the Obama Treasury, since the Fed is not legally permitted to lend with some expected loss.
Fed officials, however, believe they legally can buy Fannie and Freddie securities without limit since these securities are backed by the US government.
http://www.ft.com/cms/s/0/6ceace2c-d6ca-11dd-9bf7-000077b07658.html
when you look at ADJ M base…..at least I am scratching head, 75% of all money created in 2 months…..and not working yet?