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Politics : President Barack Obama
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To: tejek who wrote (87892)1/15/2011 12:00:49 PM
From: ChinuSFO  Read Replies (1) of 149317
 
Obama was criticized for his attention to Wall street and the financial community. We are now beginning to witness the payoff for such a strategy. JP Morgan's quarterly earnings were very positive. The upcoming wee is scheduled to have a series of earnings reports from the banks, and the word on the street is that they will report good earnings which would be enough to keep the momentum of increasing bank loans going.
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Banks Loosen Purse Strings
by RUTH SIMON

U.S. banks are expanding their loans to consumers for the first time since the credit crisis erupted, as lending standards begin to loosen and demand for new loans edges higher.

J.P. Morgan Chase & Co., which Friday posted a 47% profit jump for its fourth quarter, said its total loans increased 6% since the end of September. While most of the loan growth came from loans to businesses, the nation's No. 2 bank by assets said total credit-card balances rose for the first time in two years.

....contd at online.wsj.com
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