This from Paul Krugman. Go to his blog -- BOOKMARK IT. READ, REPEAT! (please follow link to original)
Epitaph For An Administration
In today’s report on the foreclosure mess, a revealing sentence:
As the foreclosure abuses have come to light, the Obama administration has resisted calls for a more forceful response, worried that added pressure might spook the banks and hobble the broader economy.
Surely this can serve as a generic statement:
As NAME ISSUE HERE has come to light, the Obama administration has resisted calls for a more forceful response, worried that added pressure might spook the banks and hobble the broader economy.
Stimulus, bank rescue, China, foreclosure; it applies all along. At each point there were arguments for not acting; but the cumulative effect has been drift, and a looming catastrophe in the midterms.
Or to put it another way, the administration has never missed an opportunity to miss an opportunity. And soon there won’t be any more opportunities to miss.
Fed SLOOS Survey: Banks reported Tighter Standards, Weaker Demand for
almost All Loan Types
-
From the Federal Reserve: The April 2024 Senior Loan Officer Opinion Survey
on Bank Lending Practices
The April 2024 Senior Loan Officer Opinion Survey on ...
3 hours ago
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