After pumping more than $1.5 trillion into the US financial system, the Federal Reserve will now commit another $800 billion to revive struggling mortgage, housing, and consumer credit markets and moderate a deepening economic downturn.

The Fed said yesterday it would essentially lend $100 billion to mortgage giants Fannie Mae and Freddie Mac and to Federal Home Loan Banks, and buy $500 billion in mortgage-backed securities guaranteed by Freddie, Fannie, and another government-sponsored company, Ginnie Mae. The central bank will also lend another $200 billion into the consumer market, taking as collateral securities backed by student loans, credit cards, and other consumer credit.

Source: http://www.boston.com/business/articles/2008/11/26/fed_to_give_lenders_an_800b_lift/

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The Massachusetts Turnpike authority will hold four public hearings, including one in Framingham, to discuss the proposed increases in tolls.

All meetings will be from 6:30 to 8:30 p.m.

The meeting in Framingham will be Wednesday, Dec. 17, in Nevins Hall in the Memorial Building at 150 Concord St.

Other meetings include:

Wednesday, Dec. 10, in Boston at the State Transportation Building, 10 Park Plaza, 2nd Floor;

Monday, Dec. 15 at Lynn City Hall at 3 City Hall Square;

Wednesday, Jan. 7, Worcester City Hall, 455 Main Street.

The Authority will listen to testimony from the public on the proposed toll changes at the hearings and people may submit written statements to the Authority until 5 p.m., Wednesday, Jan. 14. Written testimony should be sent to the Authority at the Office of the General Counsel, Massachusetts Turnpike Authority, 10 Park Plaza, Suite 4160, Boston, MA 02116.

Source: http://www.wickedlocal.com/brookline/news/x541365105/Pike-hearings-on-toll-increases-to-be-held-in-Framingham

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President-elect Barack Obama announced Wednesday that he is creating a new economic recovery board to provide a "fresh perspective" for his administration. The new board will advise Obama on how to revive the ailing economy.

The board will be headed by Paul Volcker, who served as the chairman of the Federal Reserve from 1979 through 1987, serving under Presidents Carter and Reagan.

Source: http://www.cnn.com/2008/POLITICS/11/26/transition.wrap/index.html