Archive - February 13, 2009

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Banks Are Lending Again, But Congress Needs Somebody to Blame

Banks Are Lending Again, But Congress Needs Somebody to Blame

Yesterday’s House Financial Services Committee hearing gave evidence that bank lending is flowing again, but credit is still tight.

A webcast of the hearing “TARP Accountability: Use of Federal Assistance by the First TARP Recipients” is available at the Financial Services Committee website.

As is traditional in these affairs, a good deal of time was chewed up by congresspersons zealously jawboning to express vicarious anger on behalf of their constituents.

Executives from eight major banks showed up to testify on how they spent their share of the TARP money.  The CEOs actually did a pretty good job of demonstrating

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