Wednesday, November 12, 2008

"We will work with banking organizations to facilitate their active participation in those programs"

This isn't news. From the WSJ:

"The Treasury, the FDIC and the Federal Reserve released a statement this morning urging banks to lend to creditworthy borrowers. The following is the full text of the statement:"

Read it for fun.

"The agencies will continue to take steps to promote programs that foster financial stability and mitigate procyclical effects of the current market conditions. However, regardless of their participation in particular programs, all banking organizations are expected to adhere to the principles in this statement. We will work with banking organizations to facilitate their active participation in those programs, consistent with safe and sound banking practices, and thus to support their central role in providing credit to support the health of the U.S. economy."

Here's my comments:

“Fed, Treasury, FDIC Urge Banks to Lend”

Why don’t you just keep that headline posted? Isn’t this about the tenth time we’ve heard this? At least I didn’t see the word “deploy”, although I might have missed it.

By the way, is this still jawboning?

Comment by Don the libertarian Democrat - November 12, 2008 at 10:34 am

“consistent with safe and sound banking practices”

I think this means after we’ve gotten all the money we can from you and the recession ends.

Comment by Don the libertarian Democrat - November 12, 2008 at 10:38 am

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