Tuesday, July 21, 2009

Perhaps Larry Should Try A Sternly Worded Letter

So absurd.

July 21 (Bloomberg) -- White House National Economic Council Director Lawrence Summers chastised some banks that received government aid for not doing enough to reduce foreclosures, while declaring that next year’s economic growth pace is “in doubt.”

“Prudent financial institutions will recognize that the profits they’re enjoying are in part a reflection of the commitment government and the broader society have made to the financial system that has enabled them to enjoy those profits,” Summers said in an interview with Bloomberg News yesterday in Washington.

Gee, perhaps actual conditions could be attached to that government commitment...