TARP Won't Work - Bank of America

Well, gee wiz Bank of America, could you have said this before you accepted $35 billion dollars of U.S. taxpayer money.

Bloomberg reports:

The U.S. Treasury’s bank-rescue plan won’t repair the financial system or revive credit markets, Bank of America Corp. strategist Richard Bernstein said as he recommended avoiding the industry’s shares

On the other hand, it appears Bank of America is pushing for more acquisitions...

ya know if it's too big to fail maybe it's a grand idea to not make it bigger.

While real economists are now starting to convalesce in a call to nationalize the banks...

be strongly suspect on this latest press release from BoA. It's possible they just want the U.S. taxpayer to pay for their purchase of Merrill Lynch.

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Thats the grand idea

They scrambled around in buyouts to make themsleves too big to fail.

You notice how none of them are turning down the money or giving it back though?

It has always been about class warfare.


I was thinking about how, as it is, they are refusing to renegotiate on mortgages that are clearly predatory and given a 30 yr. normal fixed, the homeowner would have no problems paying...

so if they consolidate even further, there will be even less competition on rates, mortgages, credit.