TOPICS > Economy  Federal Reserve Employs Tools to Ease Credit
Fears  October 7, 2008 at 6:10 PM EDT Loading the player...
Global markets continued to fluctuate Tuesday, as the Federal
Reserve announced plans to buy up short term debt in a bid to
ease strain on the credit sector. Reporters and analysts examine
the Fed's moves.   JIM LEHRER: This day in the financial crisis
began with the Federal Reserve. It took the unprecedented move
to buy short-term debt to thaw out frozen credit markets. Fed
Chairman Ben Bernanke laid out just how bad those conditions are
during a speech today.  BEN BERNANKE, Federal Reserve Chairman:
Even households with good credit histories are now facing
difficulties obtaining mortgage loans or home equity lines of
credit.  Banks are also reducing credit card limits. And denial
rates on automobile loan applications are reportedly rising.
Businesses, too, are confronting diminished access to credit. To
support growth and reduce the downside risks, continued efforts
to stabilize the fi