Did the Fed dole out 630 billion today or not?

If they did what on earth do they need another 700 billion for. Something stinks to high heaven.

"The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities."

http://www.bloomberg.com/apps/news?pid=20601087&sid=aP5hzUWla7Jg&refer=home

http://bloomberg.com/apps/news?pid=20601087&sid=a9MTZEgukPLY&refer=home

"Sept. 29 (Bloomberg) -- The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.

The Fed's expansion of liquidity, the biggest since credit markets seized up last year, came hours before the U.S. House of Representatives rejected a $700 billion bailout for the financial industry. The crisis is reverberating through the global economy, causing stocks to plunge and forcing European governments to rescue four banks over the past two days alone."

Today's blast of term liquidity will settle the funding markets down, and allow trust to slowly be restored between borrowers and lenders

So what is the need for the vote of the Senate and the House when the Federal Reserve can just offer this??? Where is the approval for this kind of money and where is it coming from?

(bad paper, representing bad loans and bad investments they're losing money on). It would get that paper off their books. Right now it's dragging them down because they might have to cover those loans, so they have to hang onto their capital (Cash). With the bad loans gone, they'll resume lending out their money (which btw is YOUR money) and probably resume their risky purchasing of soon-to-go-bad investments----and why wouldn't they take that gamble as long as the good ol' taxpayer has unlimited funds to bail them out?