I hope that is a headline we will see in newspapers across this country shortly. It cannot come soon enough. We have infused Billions of dollars to ease credit not to mention lowered interest rates (the cause of this entire debacle) and still there is a credit freeze, albeit "supposedly" thawing as I write this. Why? Because the Banks are not playing ball. They are collecting the high rates on already issued mortgages and paying investors very little on their savings, it's called Arbitrage (i.e. pocketing the difference)! Today it was reported in the British press that Chancellor Alistair Darling is considering forcing the Banks to lend again. Apparently he is exasperated by what he calls the "moral failure" of the banks. Finally someone who is on the side of the people unfortunately he's not here in the US but maybe Hank or Ben will take note!
