Busted: Bankers and The Global Economy

January 14, 2009

U.S. Politics: Banks Must do their Part

financial security trouble

financial security trouble

What the Bush administration thoroughly disregarded as a possible solution for toxic banking assets and mortgage foreclosures for the last year, Obama and the new government order in Congress have picked up as a gold card solution.

Perhaps the FDIC is no longer a lonely stepchild agency calling in the political wilderness. Calls by bankers and lawmakers to use the remaining bailout funds for the “original purpose” of buying toxic assets have resulted in new political impetus. The view of the FDIC is that the government’s financial rescue efforts have not gone far enough and that troubled asset relief is necessary to get banks lending at more normal levels and to attract private capital.

The plan places (more…)

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