Friday, October 9, 2009

If Tarp doesn't work, we all go over a cliff

This clip is from April 20th 09

Now we have this news yesterday
"Thirty-three TARP recipients missed a scheduled dividend payment to taxpayers last month, according to the Treasury Department, including 18 banks that missed a payment for the first time. It’s a powerful indication that the U.S. banking system remains troubled."

And this
"According to weekly figures provided by the Federal Reserve, total loans at commercial banks have fallen at a 19% annual rate over the past three months, while loans to businesses have dropped at a 28% annualized pace."

And this
"Small Banks Fail at Growing Rate, Straining F.D.I.C."

And this
"Precipitous Drop In State Tax Collections"

And this
"Steep Losses Pose Crisis for Pensions"

Congress and The Fed continue to play "extend and pretend" the economy will magically recover as if nothing ever happened and ignore reality.

Garth has a great post today showing the Canadian economy going down the toilet.  So does

No comments:

Post a Comment