Word: bankses
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And what about the 90% of homeowners who are paying off their mortgages and dealing in good faith, who have seen their equity significantly lowered by the tanking of the real estate market? That equity will go down more if banks continue to struggle.
Without the bailout, is it really likely that we will see the end of the world as we know it? And what, exactly would that Apocalypse look like? Given the existence of the FDIC and the activist stance of the Federal Reserve, it's hard to envision a 1930s-style...
The mood at banks more generally is cautious. The most recent Federal Reserve survey of loan officers showed a plurality of banks tightening credit standards across the board. Add in anecdotal evidence - like Bank of America declining to increase lending to McDonald's franchisees even though the two companies have...
It's not hard to find anecdotes of business booming at credit unions and community banks, which rely on deposits rather than financing in the capital markets. But even there's nuance even there. The amount you can expect from a top-yielding certificate of deposit has fallen from about...
But even if analysts outside the U.S. are confident a deal will get done in Washington, no one believes that will put an end to the current bad news. A bailout would be just the beginning of what looks to be a long and painful unwinding for Asia, for example...