Monday, December 15, 2008

 

Bailout Political Pressure

It seems we already have an example of a bank that felt pressured to make bad loans from fear of losing government support. From the American Spectator:

Bank of America was the victim of a concerted shake-down operation that could be replicated around the country. Banks apparently now are expected to give money away to failed borrowers. This could become federal policy when Barack Obama, who supported this new example of Chicago blackmail, becomes president.

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