Two U.S. Treasury secretaries and Federal Reserve Chairman Ben S. Bernanke provided capital and cheap loans to banks during the last three years to help fuel an economic revival. It hasn’t worked out.
While those policies benefited Wall Street, they failed to produce a sustained recovery on Main Street, where unemployment remains more than 9 percent. Now the sputtering U.S. economy may sap bank earnings and Wall Street bonuses.
Profit estimates for companies including Bank of America Corp. (BAC) have been slashed as much as 30 percent following a report showing weaker-than-expected growth in first-half gross domestic product and after the Federal Reserve said it plans to leave benchmark borrowing costs at historic lows for two years. The 24-member KBW Bank Index (BKX) has dropped 21 percent since July 28, the day before the latest GDP figures were reported, compared with an 11 percent decline in the Standard & Poor’s 500 Index.
“The political class is fixated on how the banking system caused the problem in the first place and therefore how it will have to cure it in the future -- that if you get the banks working again the economy works,” said Robert B. Albertson, chief strategist at Sandler O’Neill & Partners LP in New York. “It drives me into silly laughter. It’s the other way around.”
4 comments:
Ladies and gentlemen , if you are between the ages of 45 and 60 , your chances of retirement are zero percent.
You have a better chance of hitting the lottery than have retirement money through a 410K or similar savings.
The BS that this adminisration has fed you has come to a head and you can't do anything about it.
They call it a recession , it is worse than a depression . The worse is yet to come , looting and riots everywhere in this country. Better be prepared , I am.
The banks stole the money. It is criminal, not a "bad decision" or "mistake".
Well like ron pual said, why should we pay them back even since they produced fake money out of thin air... how can you make someone pay interest on something that doesn't exists?
Leave that to Obama Bin Laden...
Also another side note of laughter, when all is said and done, and all the backs have been stabbed and faces walked on, what is the money the elite stole from us going to be worth? and now, is it worth all that stabbing when the dollar is near non existent...
Keep in mind that while the deliberate crashing of the U.S. Dollar is well under way; the new Amero Dollar will be traded for U.S. Dollars on the day of reckoning. It may take many U.S. Dollars to receive just 1 Amero Dollar, but the insiders the bankers, will have many many times more U.S. Dollars than we "little people". We will receive a handful of Amero Dollars and they will receive millions of Ameros . . .
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