Why banks still teeter, after $232 billion in aid...

Discussion in 'US' started by KevinB, Jan 23, 2009.

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  1. "New York - The troubled banking system continues to need help from Uncle Sam, even after a recent infusion of $232 billion, compliments of the US Treasury...

    ...In the past, banks were able to take losses and keep functioning without government aid. But bankers, normally conservative, took such great risk in the mortgage markets that most banks do not have sufficient reserves going into the recession, says Mr. Thomas. "The banks are now hobbled." "


    So, let's see - the bankers got greedy and decided to invest in the risky subprime mortgage market - now they are losing billions and want the tax payer to bail them out. Is this the 'pure capitalism' I always hear big business and the republicans praising? Doesn't seem like it, does it?