For some time now myself and others have been railing on the idea that the GOP has been simply fighting against the President?s plan for moving the country forward and fixing our economy without providing some sort of alternative to the President?s budget.
Today the GOP put out a Budget Alternative, or at least a blue-print for one. Maybe it?s a rough draft?
Yesterday the Treasury announced that it would let 10 of the largest TARP recipient banks to start paying back as much as $68 Billion of the $200 Billion that was given out. While this is definitely a good sign we are not yet in the clear.
While the collapse of the U.S. banking system is no longer seen as an imminent danger, access to the capital markets remains difficult and bank balance sheets are clogged with troubled loans and other assets. Most of the nation’s 8,000 banks are being hammered by the recession, and the number of bank failures is expected to climb. The 10 banks seeking to return government money will be able to continue leaning on the U.S. government in other ways, including by issuing debt guaranteed by the Federal Deposit Insurance Corp.