TARP Turns Its Attention to Small Banks

Staff / Truthdig Oct 23, 2009 The government-run TARP program is preparing to shift its focus from large banks -- such as Citigroup, JPMorgan Chase and Bank of America -- to smaller banks, noting that small businesses are still struggling to get access to credit. Dig deeper ( 1 Min. Read )

Treasury Covers for Stingy Banks

Staff / Truthdig Apr 20, 2009 President Obama has said he doesn't want public money going into a "black hole," but his administration's bank bailout looks more and more like an abyss of cosmic proportions. Not only are the bailed-out banks lending less than before, the Treasury Department appears to be engaging in creative math to obscure the gravity of the situation. Dig deeper ( 1 Min. Read )

You Can’t Teach an Old Predatory Lender New Tricks

Staff / Truthdig Apr 14, 2009 Like an abused spouse, America continues to stand by the banks, hoping they'll change their ways. TARP funds were supposed to trickle down to the average taxpayer, but Congress is now investigating complaints that bailed-out banks such as Bank of America and Citigroup are jacking up interest rates and engaging in predatory lending. Dig deeper ( 1 Min. Read )

A Non-Rising Tide Lifts No Boats

Staff / Truthdig Feb 18, 2009 The rationale of the TARP bailout's "capital-injection program" -- providing banks with capital that will increase loans to consumers and businesses -- has apparently been forgotten by the 20 largest banks that received TARP money. A Treasury Department survey has found that lending in the last quarter of 2008 was stagnant, or even slightly declined, despite $250 billion in capital-injection funds. Dig deeper ( 1 Min. Read )

$75 Billion to Fight Foreclosures

Staff / Truthdig Feb 18, 2009 While $700 billion was given to the banks and credit institutions that haphazardly pushed forward our current economic fiasco, millions of homeowners at risk of foreclosure may now be given only about one-tenth of that figure -- $75 billion -- in an effort to slow the deterioration of the housing market. Dig deeper ( 1 Min. Read )

Where’s the Top Gun?

Marie Cocco / Truthdig Feb 12, 2009 Well, that didn't work out. In pushing for a new financial industry bailout, Treasury Secretary Geithner came across like a banker trying to do a politician's job. Obama owes us some hands-on involvement. Dig deeper ( 3 Min. Read )

Biden Says Banks May Get More, More, More

Staff / Truthdig Jan 26, 2009 The vice president let it slip Sunday that the $700 billion TARP bailout bill could have a sequel Also, Nancy Pelosi indicated that Congress might dole out more funds to financial institutions Let's see, that's $700 billion on TARP, $850 billion for the still-pending stimulus package, plus the mysterious billions they're tossing around at the Federal Reserve Here's hoping China doesn't cut up our national credit card. Dig deeper ( 1 Min. Read )

The Downside of Bipartisanship

Marie Cocco / Truthdig Jan 22, 2009 Remember this, President Obama: There are few Washington traditions as annoying as the cultish worship of bipartisanship, for it ignores the simple fact that sometimes one party gets things disastrously wrong. Dig deeper ( 3 Min. Read )

We Told You So

David Sirota / Truthdig Dec 12, 2008 With the release of three new reports, there’s no debate anymore about who was correct and who wasn’t concerning the economic collapse and the Wall Street bailout. The studies prove that progressive critics were right and the Washington ideologues and the pundits were wrong. Dig deeper ( 3 Min. Read )

Folklore

Nate Beeler, The Washington Examiner Dec 9, 2008 Dig deeper

Dow-nward Spiral

Staff / Truthdig Nov 21, 2008 In a little over two weeks, the Dow has tumbled more than 2,000 points as bad economic news continues to pile up. Word on Thursday that jobless claims hit a 16-year high, combined with a dreary outlook for Detroit and a lack of confidence in major financial institutions, helped drive the DJIA down to 7,552.29. Dig deeper ( 1 Min. Read )

Deflation Dangers Daunt the Economy

Staff / Truthdig Nov 19, 2008 Analysts believe the economy is already in "horrific shape" -- with news this month of record-breaking drops in the cost of living and new home construction -- and is inching closer to a dangerous deflationary period, which could worsen the current economic crisis by making debts even harder to repay. Dig deeper ( 1 Min. Read )