Someone noted not long ago that banking is off track as soon as it becomes "interesting." The recent financial meltdown seems to validate that notion.
Now comes what seems to me to be good news: a number of the largest banks taking TARP funding are paying back $68 billion now!
Good news from the economy that is affecting so many of the folks we see every day.
I'm still skeptical about the economic "recovery." I'll remain pessimistic and say the worst is yet to come. The 1929 crash was followed by a significant recovery, but the crash about 1.5 years afterwards which led to the Great Depression was even worse.
ReplyDeleteI hope I'm wrong, and to some extent, I think the government intervention has done some good, but I feel there will be more bad news in the fall.
speedingup, thanks for your post. I agree that we are not out of the woods yet and that there will be more bad news, especially in the private credit sector/consumer debt and in the real estate sector. It is good to see these funds coming back to our government. At least they can help with the debt or be redeployed to help in other areas.
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