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Politics : View from the Center and Left
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To: TimF who wrote (103660)2/9/2009 8:41:57 PM
From: Sam  Read Replies (1) of 542004
 
So Frank and Obama are upset that the bailout of banks that were overgenerous on credit did not include provisions to force them to be more generous with credit?

This isn't right either. The banks weren't simply "overgenerous on credit," they were idiotic. This created a situation--eventually--where credit froze, since no one knew who was creditworthy and who wasn't. The task now is to unfreeze credit lines by instilling confidence in lenders that the people they are lending to won't default on the loan. Without credit, our economy will freeze--every business depends on it in one way or another. Frank and Obama don't want banks to resume lending without any reasonable standards.

Coyote is being either stupid, careless or disingenuous.
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