Sunday, March 29, 2009
Geithner explained, "Economies require banks because they require credit. Credit is like the blood, it's like the oxygen of any economy. And for us to get the economy growing again, we need to make sure there's going to be credit available..."
Yes, it's all very simple and, in this analogy, that would make big Wall Street firms the vampires in this economy - the ones who have sucked out all the blood, walked away with their bellies full, and are now returning for more at the request of the government.
The good news is that it doesn't appear the government is going to run out of money anytime soon - they raised almost $100 billion in U.S. debt sales last week and have some $135 billion left over for more bailouts with lots more Treasury sales coming.
This week's cartoon from The Economist: