An article in today’s Wall Street Journal reports that despite receiving billions in aid from me and you, banks across the country continue to hoard the money, a fact that continues to hamper the long overdue recovery. This has broad implications for the broader US recovery
- 7% of US banks insured by FDIC are in trouble
- The banking industry recorded a net profit of $2.8 billion in the third quarter 2008
- Banks wrote off $50.8 billion in bad loans third quarter 2008
- Unemployment is 10.2%, projected to decrease to 9.7% this time next year
