April 21, 2009
Shocker: TARP may not be working as advertised.
Show of hands - who didn't see this coming?
Well, duh? Of course they made less loans. That's because they're - wait for it - BROKE! And they're using TARP money to try to hide their looming (if not already de facto present) bankruptcy.
A cynic would claim that was a feature - rather than a bug - of the Obambi, Dubya, Geithner, Paulson bank balance sheet rescue program.
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According to a Wall Street Journal analysis of Treasury Department data, the biggest recipients of taxpayer aid made or refinanced 23% less in new loans in February, the latest available data, than in October, the month the Treasury kicked off the Troubled Asset Relief Program.
Well, duh? Of course they made less loans. That's because they're - wait for it - BROKE! And they're using TARP money to try to hide their looming (if not already de facto present) bankruptcy.
A cynic would claim that was a feature - rather than a bug - of the Obambi, Dubya, Geithner, Paulson bank balance sheet rescue program.
Posted by: DocJ at
08:29 AM
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