“Big Bank profits soar!”
Each day this week major banks reported profits beating the estimates and their cash to loan reserves are approaching all time highs. But today, Ben Bernanke said the outlook for the economy is “unusually uncertain.” This message is for Ben, “by loaning money to the big banks at close to zero percent interest, they will continue to report ‘record profits’, while not loaning or working to resolve the foreclosure problem.” Ben, the facts are clear: Banks now own more the 2 million vacant properties and unemployment is close to 10%. Maybe a program for investors to buy those properties and hire people to fix up might help.
The Federal programs ‘Cash for Clunkers’ and the ‘First time homebuyer credit’ gave money from the Fed directly to the consumer and both of those programs were an immediate success. Giving money to big banks now for two years has produced very little. Ben, when are you going to wake up?
September 26th, 2010 at 5:15 pm
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