Well, as we all know insolvent banks need to be fed even more money to operate and instead of plain nationalizing them we have Speaker of the House Nancy Pelosi considering even more financial bail out TARP money!
ABC News has the story:
I'm open to resolving the financial crisis in our country," Pelosi said, but added, "Certainly there is a lot of unrest and unease in the Congress with how the first installment of the money was spent.
Video clip is online here.
Consumer loans from TARP? Doubt it...
Both Bush and Obama administrations talked about how TARP money needed to go to consumer and biz loans, but I don't think that they believed it. What banks would expand credit right now? And would we really want them to? The best way to loosen up credit is to create jobs so that people can pay their mortgages, car loans and credit card bills, and then twist the lenders into restructuring consumer debt so that bills become more affordable. http://tinyurl.com/ObamaTARP