Central Banks Take Joint Action to Ease Debt Crisis

     On wednesday the Federal Reserve moved forward along with other major banks by increasing the american dollar outside of the United States.  The banks have announced that they will be lowering the cost by half to the existing programs which he banks in foreign country borrow money from.  These banks have also stated that they will be giving out loan until February in 2013 extending the cutoff of August 2013.  “The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity,” stated in the article of the New York Times. After announcing this the stock market have soared some reports on this are that the S&p has gone up about 3.4% and the DAX have being up 5 percent.  So far this is looking good for the banks and the stock market.