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June 24th, 2009 at 7:51 pm
until the administration cures the balance sheet of the American super-consumer – nothing will be resolved. This can be achieved only by a gigantic haircut on their mortgage, taxes and possibly consumer debts. Until this is done, Banks will come back for more money as commercial real estate in addition to residential and consumer debt will sink them further. The Banks have a stake in this by reimbursing the TARP money to the taxpayers directly by reducing their mortgages – not by 10% but by 50%! then we shall see a recovery of the economy and of the banks as their toxic asset will finally be worth something…