White House Tells Banks To Stop Hoarding Money...NOW!
The article below is just one more reason why you should be at my FREE Two Hour Real Estate Lifestyle Training Event at 7:00 PM on Tuesday, November 4th at the Crowne Plaza Hotel in King of Prussia, PA or on Wednesday, November 5th at the Crowne Plaza Hotel in Cherry Hill, NJ.
While you’re there, I’ll give you an action plan that will get you plenty of money in your bank account in 30 days or less!
Drive, fly, take a train or swim if you have to! I’ll also have my banker, Mike Basjek there to explain how to use today’s banking environment to your advantage. You don’t want to miss this! Read this AP Wire news article to understand why *NOW* is the best time to get some Real Estate in your portfolio ASAP!
Register online right now at http://www.realestatelifestyle.com/liveevents or call us now at 866-522-2621. Let me personally teach you how to prosper, while everyone else suffers, in today’s so-called economic crisis.
I’ll see you there!
Your Real Estate Success Coach,
Jim Canale
www.livetherealestatelifestyle.com
P.S. I’ll also be giving you a free copy of my new book, Live The Real Estate Lifestyle: Seven Steps You Can Take Today To Leave The Rat Race and Start Living The Lifestyle You’ve Always Wanted! just for attending this free training. It retails on Amazon.com for 21.95 plus shipping, but you can get yours for free!
P.S.S. People have joined us from as far away as Arizona, San Francisco, Wisconsin and Rhode Island! No distance should stand in the way of you getting the financial education that you need! Now read on!
White House tells banks getting federal aid to quit hoarding money and start lending it
Tuesday October 28, 4:11 pm ET
WASHINGTON (AP) -- An impatient White House served notice Tuesday on banks and other financial companies receiving billions of dollars in federal help to quit hoarding the money and start making more loans.
"What we're trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And banks exist to lend money," White House press secretary Dana Perino said.
Though there are limits on how much Washington can pressure banks, she noted that banks are regulated by the federal government.
"They will be watching very closely, and they're working with the banks," she said.
Anthony Ryan, Treasury's acting undersecretary for domestic finance, made the same point in a speech in New York before financial executives.
"As these banks and institutions are reinforced and supported with taxpayer funds, they must meet their responsibility to lend, and support the American people and the U.S. economy," Ryan told the annual meeting of the Securities Industry and Financial Markets Association. "It is in a strengthened institution's best financial interest to increase lending once it has received government funding."
Said Perino: "The way that banks make money is by lending money. And so, they have every incentive to move forward and start using this money."
There has been some evidence of easier lending, Perino said. But it's not enough to calm stock markets or help small businesses that depend on a free flow of credit, not just to expand but to maintain operations through making payroll or financing inventories.
The government is making efforts on several fronts to thaw the frozen credit markets and combat the worst financial crisis to hit the country since the 1930s. But so far, the efforts have shown little in the way of results. Libor, the London Interbank Offered Rate, a key goalpost for international lending, edged down only marginally on Monday and still remains at elevated levels.
The Federal Reserve began a program Monday to purchase the short-term debt of businesses, known as commercial paper. This market has been frozen since the collapse of Lehman Brothers spooked credit markets last month.
Under the authority of the $700 billion financial bailout plan approved by Congress and signed by President Bush earlier this month, the administration also plans to dole out $250 billion to banks in return for partial ownership. The Treasury Department, which is overseeing the massive capital injection program along with the rest of the bailout, will pour $125 billion into nine of the country's largest banks this week. Another $125 billion will go to other banks.
Treasury Secretary Henry Paulson has said the money was aimed at rebuilding banks' reserves so that they would resume more normal lending practices. But reports then surfaced that bankers might instead use the money to buy other banks. Indeed, the government approved PNC Financial Services Group Inc. to receive $7.7 billion in return for company stock and, at the same time, PNC said it was acquiring National City Corp. for $5.58 billion.
Officials have said that there are few strings attached to the capital-infusion program because too many rules would discourage financial institutions from participating.
While you’re there, I’ll give you an action plan that will get you plenty of money in your bank account in 30 days or less!
Drive, fly, take a train or swim if you have to! I’ll also have my banker, Mike Basjek there to explain how to use today’s banking environment to your advantage. You don’t want to miss this! Read this AP Wire news article to understand why *NOW* is the best time to get some Real Estate in your portfolio ASAP!
Register online right now at http://www.realestatelifestyle.com/liveevents or call us now at 866-522-2621. Let me personally teach you how to prosper, while everyone else suffers, in today’s so-called economic crisis.
I’ll see you there!
Your Real Estate Success Coach,
Jim Canale
www.livetherealestatelifestyle.com
P.S. I’ll also be giving you a free copy of my new book, Live The Real Estate Lifestyle: Seven Steps You Can Take Today To Leave The Rat Race and Start Living The Lifestyle You’ve Always Wanted! just for attending this free training. It retails on Amazon.com for 21.95 plus shipping, but you can get yours for free!
P.S.S. People have joined us from as far away as Arizona, San Francisco, Wisconsin and Rhode Island! No distance should stand in the way of you getting the financial education that you need! Now read on!
White House tells banks getting federal aid to quit hoarding money and start lending it
Tuesday October 28, 4:11 pm ET
WASHINGTON (AP) -- An impatient White House served notice Tuesday on banks and other financial companies receiving billions of dollars in federal help to quit hoarding the money and start making more loans.
"What we're trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And banks exist to lend money," White House press secretary Dana Perino said.
Though there are limits on how much Washington can pressure banks, she noted that banks are regulated by the federal government.
"They will be watching very closely, and they're working with the banks," she said.
Anthony Ryan, Treasury's acting undersecretary for domestic finance, made the same point in a speech in New York before financial executives.
"As these banks and institutions are reinforced and supported with taxpayer funds, they must meet their responsibility to lend, and support the American people and the U.S. economy," Ryan told the annual meeting of the Securities Industry and Financial Markets Association. "It is in a strengthened institution's best financial interest to increase lending once it has received government funding."
Said Perino: "The way that banks make money is by lending money. And so, they have every incentive to move forward and start using this money."
There has been some evidence of easier lending, Perino said. But it's not enough to calm stock markets or help small businesses that depend on a free flow of credit, not just to expand but to maintain operations through making payroll or financing inventories.
The government is making efforts on several fronts to thaw the frozen credit markets and combat the worst financial crisis to hit the country since the 1930s. But so far, the efforts have shown little in the way of results. Libor, the London Interbank Offered Rate, a key goalpost for international lending, edged down only marginally on Monday and still remains at elevated levels.
The Federal Reserve began a program Monday to purchase the short-term debt of businesses, known as commercial paper. This market has been frozen since the collapse of Lehman Brothers spooked credit markets last month.
Under the authority of the $700 billion financial bailout plan approved by Congress and signed by President Bush earlier this month, the administration also plans to dole out $250 billion to banks in return for partial ownership. The Treasury Department, which is overseeing the massive capital injection program along with the rest of the bailout, will pour $125 billion into nine of the country's largest banks this week. Another $125 billion will go to other banks.
Treasury Secretary Henry Paulson has said the money was aimed at rebuilding banks' reserves so that they would resume more normal lending practices. But reports then surfaced that bankers might instead use the money to buy other banks. Indeed, the government approved PNC Financial Services Group Inc. to receive $7.7 billion in return for company stock and, at the same time, PNC said it was acquiring National City Corp. for $5.58 billion.
Officials have said that there are few strings attached to the capital-infusion program because too many rules would discourage financial institutions from participating.
posted by Jim Canale at
8:17 AM
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