And To Think I Was Worried…

2 comments April 10th, 2009at 07:13am Posted by Eli

The banks aren’t in trouble at all!

For the last eight weeks, nearly 200 federal examiners have labored inside some of the nation’s biggest banks to determine how those institutions would hold up if the recession deepened.

What they are discovering may come as a relief to both the financial industry and the public: the banking industry, broadly speaking, seems to be in better shape than many people think, officials involved in the examinations say.

That is the good news. The bad news is that many of the largest American lenders, despite all those bailouts, probably need to be bailed out again, either by private investors or, more likely, the federal government. After receiving many millions, and in some cases, many billions of taxpayer dollars, banks still need more capital, these officials say.

Phew!  For a second there, I thought maybe the banks were in bad shape, but all they need is billions of dollars and they’ll be right as rain again.

Entry Filed under: Corruption/Cronyism,Economy,Obama

2 Comments

  • 1. Charles  |  April 10th, 2009 at 1:59 pm

    Yeah, I was real impressed with the news that we gave $20B to Wells Fargo last quarter of ’08, and they showed a profit of $4B in the first quarter of ’09. Why, if we gave them $40B, I bet they could make $8B.

  • 2. Eli  |  April 10th, 2009 at 2:06 pm

    After they pay all the high-achieving go-getters who made them so profitable, of course.


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