TeakDoor.com - The Thailand Forum - View Single Post - A note of caution for those with deposits in US Banks

06-01-2009, 10:50 PM

And an admission that the TARP was just shovelled into a black hole:

Banks’ ‘Catatonic Fear’ Means Consumers Don’t Get TARP Relief

By James Sterngold

Jan. 5 (Bloomberg) -- As the new owner of $172.5 billion of preferred shares and warrants in 208 U.S. financial institutions, the Treasury Department hasn’t succeeded in thawing frozen credit markets, leaving taxpayers propping up an industry that won’t lend to them.

While inter-bank lending rates have fallen since Congress approved the $700 billion Troubled Asset Relief Program on Oct. 3, most bank lending to consumers remains tight and interest rates high. The average credit-card rate was 14.33 percent on Dec. 16, according to IndexCreditCards.com in Cleveland, almost unchanged from 14.41 percent in October 2007.

More at:

Bloomberg.com: Exclusive

Taxpayers pay the bill, but get no benefit (apart from another bill, one suspects...)

06-01-2009, 10:50 PM	#1041 (permalink)
bkkandrew Guest Posts: n/a	And an admission that the TARP was just shovelled into a black hole: Banks’ ‘Catatonic Fear’ Means Consumers Don’t Get TARP Relief By James Sterngold Jan. 5 (Bloomberg) -- As the new owner of $172.5 billion of preferred shares and warrants in 208 U.S. financial institutions, the Treasury Department hasn’t succeeded in thawing frozen credit markets, leaving taxpayers propping up an industry that won’t lend to them. While inter-bank lending rates have fallen since Congress approved the $700 billion Troubled Asset Relief Program on Oct. 3, most bank lending to consumers remains tight and interest rates high. The average credit-card rate was 14.33 percent on Dec. 16, according to IndexCreditCards.com in Cleveland, almost unchanged from 14.41 percent in October 2007. More at: Bloomberg.com: Exclusive Taxpayers pay the bill, but get no benefit (apart from another bill, one suspects...)