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Government Bailouts & Government Lies
“We’ve been suckered again … or so it seems”
You might recall that we weren’t terribly fond of the $700 billion Troubled Assets Relief Program (TARP) which was hailed as a sure-thing emergency measure which would relieve the pressure on financial institutions and thaw out the frozen credit markets.
As usual, the government and its insider cronies lied to us. So far, about the only thing the money hasn’t been used for is taking bad mortgage assets off the books of institutions supposedly unable to make loans. We’d be rather annoyed, but for once the government might actually be getting something more right…
13Nov2008 | Oxbury Research | Comments Off | ContinuedAmerican Express Now a Commercial Bank
American Express Co. (AXP) today (Tuesday) won approval from the U.S. Federal Reserve to become a commercial bank, giving the credit card titan a crucial lifeline as the risk of defaults runs higher in the slowing global market.
American Express won the Fed’s approval unanimously and without the application’s standard 30-day waiting period because of “the unusual and exigent circumstances affecting the financial markets,” according to a Fed statement.
High unemployment and a severe drought of credit are plaguing the consumer market, causing them to spend less. Worse, it’s caused many to be unable to pay existing debts such as…
12Nov2008 | Money Morning | Comments Off | Continued
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