White House to banks: Start lending now

[Ghost in the Machine]

White House to banks: Start lending now
Published: 10/29/08, 2:05 AM EDT
By JENNIFER LOVEN
WASHINGTON (AP) - An impatient White House prodded banks and other financial companies Tuesday to quit hoarding billions of dollars flowing into their vaults from Washington and start making more loans. Wall Street soared nearly 900 points on bargain-hunting and hopes of a hefty interest rate cut by the Federal Reserve.

The stock market's amazing climb, with its second-largest point gain ever, was a welcome burst of good news for a nation suffering big job losses and seemingly tumbling into a painful recession.

Consumer pessimism reached record levels in October amid rising unemployment, plunging home prices and shrinking retirement and investment accounts. The Conference Board, a private research group, said consumer confidence fell to its lowest point since it began tracking consumer sentiment in 1967.

Hoping to thaw the credit freeze that has chilled the economy, the Bush administration sent banks an unmistakable message to put aside fears and open up loan windows for cash-starved businesses and consumers who have pulled back on spending.


"What we're trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And banks exist to lend money," White House press secretary Dana Perino said. While there are limits to Washington's power to affect banks' behavior, the White House decided it was time to use its bully pulpit.

http://my.att.net/s/editorial.dll?bfromind=8388&eeid=6138074&_sitecat=1504&dcatid=0&eetype=article&render=y&ac=0&ck=&ch=ne

[eleny]

1. open the spigot?

[Ghost in the Machine]

2. Yeah, because the chimp is so dumb he doesn't understand that people without jobs don't apply

for loans...

Just another dog & pony show, featuring a shit flinging, screeching chimp...

People have lost jobs, people have had their credit ratings ruined due to having to decide whether to make the credit card payment or buy gas...

[BlooInBloo]

3. Good - you don't get to fucking take the money and run you fucktards.

EDIT: Typo.