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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (448913)1/20/2009 10:16:35 AM
From: tejek  Read Replies (1) of 1576111
 
The U.S. economy has little chance of recovering from what may prove to be its worst recession since World War II unless President Barack Obama shows he can get banks to lend money again.

Since the Bush administration and Congress last year approved the $700 billion Troubled Asset Relief Program that injected capital into Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., individuals and companies aren’t getting any of it as fourth-quarter lending by the biggest banks by assets plummeted. The asset-backed market, which is supposed to enable banks to keep lending by transforming loans into tradable securities, remains frozen, leaving would-be lenders unable to package and sell mortgages, credit-card debt and auto loans.

Housing has got to get stabilized. I hope Obama has a workable plan; otherwise, we're screwed.
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