Chronicles Of Depression 2.0: #345: Whoops!
So much for that story. A few days ago, when Hank Paulson called the heads of the nine families to Washington and shoved cash down their throats, he announced that the banks would use this new taxpayer cash to lend. They won’t, of course. They’ll hoard it like a starving family who has just been given a grocery cart full of food.
And after a few days of silence, even the banks are finally admitting that. So it’s back to the drawing board for Paulson & Co.
Emphasis added by me.
Who will they lend it to?
Mired in their own crookedness, they can’t see anything straight any longer.
To a crook, everyone has an angle.
It makes me laugh, hearing how “confidence” needs to return to the market.
Confidence is what got us into it.
Let’s start with using the correct term to start cleaning up this mess.
Honesty has to return to the market.