Fed, Treasury, FDIC Stymied By Lack of Data on Subprime Loans
(http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a49Os9FYyqX0)
Federal regulators, who met with bankers today at the Treasury Department in Washington, still lack reliable estimates on the extent of the subprime mortgage crisis. Three months after they asked banks to modify loans for borrowers at risk of default, agencies have little data on what lenders and loan servicers have done, officials say. (Bloomberg)
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And yet this same group of federal regulators and bankers is going to save the day somehow?
This whole “Hope Now” Alliance is sheer desperation – the very name makes it clear – these are the supposed financial leaders of the world and they come up with a name like “Hope Now” Alliance?
The United States has a GDP of $13 trillion (or so) – and the key players in this economic gorilla are now relying on hope – that doesn’t give me a warm fuzzy feeling
History shows that all of these bailout attempts will ultimately fail and will make matters worse at great expense to the taxpayer
