Andrew Sorkin reports in this morning's New York Times that despite the billions in bailout, or "rescue," funds doled out by the Treasury, U.S. banks are still not making loans. "The dirty little secret of the government’s $250 billion handout to nine banks to get them lending again is this: So far, they have stuffed it under their mattress like the rest of us." Urged to Lend, Banks Sit on Bailout Cash [DealBook].
Well isn't that special. Here we have taxpayers financing a liquidity bailout to save financial institutions from their own excesses, and they just wrap their greedy little fingers even tighter around the money our economy desperately needs. What a fiasco.