Re: [Pen-l] "Has Barack Obama's presidency already failed?"

[Carrol Cox <cbcox@xxxxxxxxx>]

Considering that the recession began over a year ago, rather _before_
lending drie up, how do we know that the problem is refusal to lend
rather than refusal to borrow -- their not being anything promising to
spend/invest the borrwoed money on? 

Carrol

Jim Devine wrote:
> 
> Michael Smith wrote:
> > You simply let the banks go bankrupt. Then the government
> > steps in and buys 'em for pennies on the dollar -- if that;
> > some of these outfits are probably worth less than zero.
> > Call it a "rescue". Then once Sam owns 'em, he starts
> > lending money like crazy.
> 
> aren't back stocks pretty cheap as it is? Bank of America was once at
> 43.60 (its high point during the last 52 weeks), while today it's
> 5.74. Of course, if the US government were to start buying it up, the
> price would soar: they might have to freeze the price. (source:
> http://quote.morningstar.com/Quote/Quote.aspx?ticker=BAC)
> --
> Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
> way and let people talk.) -- Karl, paraphrasing Dante.
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