Monday March 09, 2009
Kiss the Banks Goodbye
Dave Lindorff
Counterpunch
It's Time to Put a Stop to This Farce!
The futility and stupidity of the Fed’s and the Obama administration’s policy of pumping ever more money into failing banks and insurance companies in a vain effort to get them lending again was demonstrated—if anyone was paying attention—by the collapse in auto sales this past month, with all the leading companies, Ford, GM and Toyota, reporting sales down by about 40%.
This fall off in car buying was despite record discounting by the auto industry, and offers of 0% financing.
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Posted in: by bubblejam at 03:01 AM | Comments (0) | Email This Entry