TARP recipients decrease lending
This isn’t how this government stimulus program was supposed to work. Huge U.S. banks have cut back on lending despite the infusion of billions of government dollars designed to prime the lending pump, the Wall Street Journal reports today.
According to a Wall Street Journal analysis of Treasury Department data, the biggest recipients of taxpayer aid made or refinanced 23% less in new loans in February, the latest available data, than in October, the month the Treasury kicked off the Troubled Asset Relief Program.
Treasury officials respond by claiming that lending would have fallen much more dramatically without the stimulus, but they can’t be happy about this result. Solid reporting by the WSJ.
Don Mecoy
Business Writer
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment