Oct 29, 2008

Dirty Secrets of the Bailout Illusion

The "Dirty Little Secret" Of the US Bank Bailout

By Barry Grey

In an unusually frank article published in Saturday's New York Times, the newspaper's economic columnist, Joe Nocera, reveals what he calls "the dirty little secret of the banking industry"--namely, that "it has no intention of using the {government bailout} money to make new loans."


Oh dear. Some folks knew that from the start: not little, not a secret, but definitely dirty.

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