"To announce that there must be no criticism of the president, or that we are to stand by the president, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public." -- Theodore Roosevelt


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Tuesday, December 28, 2010

98 American Banks About to Collapse-- After $4.2 Billion Bailout

And this is why you don't just throw money at a problem.

From the Business Insider piece by Katya Wachtel (via Instapundit):

"98 American banks that received $4.2 billion in bailout money are teetering on the edge of collapse, according to the Wall Street Journal.

"In Q2 the number of unsound banks numbered 86; the increase to almost 100 institutions - most of which are smallish banks with about $439 million in assets - comes as a result of decreasing capital and more bad loans.

"Also, unlike the big banks, which basically had access to liquidity from the federal government whenever they wanted during the crisis via various emergency lending facilities, these smaller banks received only TARP funds."

Great... decreasing capital and more bad loans. Does the US have to continue encouraging bad loans to prove ourselves?

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