New data shows that the Fed's support during the economic crisis went much further than many of us believed.
Even corporations like McDonald's, Caterpillar, Toyota, Verizon, and others had to rely on the Fed for short term I.O.U.'s to pay their suppliers and make payroll - day to day operation loans called commercial papers.
The cause for this was that during the highest points of economic trouble, even these very credit worthy corporations found that they could not find a bank to make loans so they had to turn to the Fed.
The Fed had to continue to support the market for commercial paper well into the summer of 2009, when many believed the economic crisis to be over.
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