Banks have quite a while before their wounded lending sectors have fully healed, Federal Reserve Chairman Ben Bernanke said Tuesday. He added that taxpayers will aid in banks’ recovery by continuing to graciously hand over their tax dollars. When will the economy’s suffering end, and why won’t it end in a week when President-elect Barack Obama finally swears to “preserve, protect, and defend” American citizens? Because $700 billion is not enough to fix everything, of course!
While speaking to the London School of Economics, Bernanke said that the government will need to inject more money into the markets to stabilize the economy, and that Obama should take another look at Sen. John McCain’s idea of buying up all those bad mortgages.
Well, so much for the immediate economic upswing that everyone was expecting.