Rep. Kanjorski on the Fed and the Financial Crisis
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The major problem is that the banks don't want anyone to know if they are solvent or not. They won't open their books to the treasury or the Fed. To do so would prejudices the stock holders in one way or the other. Although it's well known that all our banks are insolvent, not one of them wants anyone to know how badly because some would have to go under.
Boomer1949 3 years ago
I have to disagree with ginaswo. The absolute bottom line is the banks. Not knowing their state of solvency is causing one not to trust the other to lend money, this causes them to hold on to cash and not extend lines of credit (loans), which in turn cuts off industries ability to buy needed supplies and goods, and pay pay roll, which in turn causes all of us to stop spending because of loss jobs. Fix the banks, then redo the troubled loans.
Boomer1949 3 years ago
Rep Kanjorski absolutely NAILS IT, what is the problem what is the plan
we keep getting no plan
HOUSING they need to fix HOUSING
ginaswo 3 years ago