Banks Tighten Credit in Spite of TARP Bailout, Geitner Pessimistic
Daniel Gross reports in "More Gloom, Please" posted February 10 on Slate.com that Tim Geitner, Secretary of the Treasury, is much more pessimistic about the economic crisis than President Obama, even with the stimulus bill passed. The article contains a very telling video excerpt of Geitner's recent comments about how the crisis is deepening because banks are actually fighting the recovery by tightening lending standards and withholding credit rather than stepping up lending and loosening credit as the TARP funds were supposed to do. As we keep saying, neither Wall Street bailouts, including the TARP funds, nor the stimulus bill addresses the critical underlying mortgage crisis for consumers or cause housing values to recover. Until a plan to relieve mortgage credit, such as The AllStreets Bailout Plan, is implemented, the opposite of economic recovery is most likely.
Posted by The Mortgage News at 2/14/2009 9:41 AM 
Categories: bank bailout,Housing Values,Credit Crisis,foreclosure crisis,Wall Street bailout,AllStreets Bailout Plan,mortgage crisis,TARP funds,government bailouts,economic stimulus,Main Street bailout
Categories: bank bailout,Housing Values,Credit Crisis,foreclosure crisis,Wall Street bailout,AllStreets Bailout Plan,mortgage crisis,TARP funds,government bailouts,economic stimulus,Main Street bailout
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