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Answer:
The disaster recovery plan fails to address the decline of American manufacturing. It proceeds with the fiction that the circulation of money will solve the problem. The real problem, the lack of production of goods that money stands for, is in no way addressed by the plan. Please see the related links below.
Answer:
As usual, Congress has failed to adequately oversee the use of the funds.
By Peter Whoriskey and Zachary A. Goldfarb
Washington Post Staff Writers
Wednesday, October 22, 2008; Page D01
Several major U.S. banks are leaning toward spending a portion of their federal rescue money on acquiring other financial firms rather than for issuing new loans, the primary purpose of the government's $250 billion initiative to invest in banks.
J.P. Morgan Chase, BB&T, and Zions Bancorporation have all said in recent days that they are considering using some of their federal money to buy other banks.
About 10 financial institutions belonging to the Financial Services Roundtable, which represents 100 of the nation's largest financial services firms, are also considering making acquisitions with the money, said Scott Talbott, the group's senior vice president.
Contributor:
Shestokas
Shestokas
First answer by Shestokas.
Last edit by PaulaGem.
Contributor trust: 202
Question popularity:
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