Big Bankers Howl—and Other Tidbits
Finally, some good news on the jobs front. The Council of Economic Advisers announced that the American Recovery and Reinvestment Act has now created or saved between 1.5 million and 2 million jobs. The economic recovery package also added several percentage points to the growth of the nation’s gross domestic product (GDP). Other tidbits:
• President Obama yesterday announced his intention to propose a Financial Crisis Responsibility Fee that would require the largest and most highly levered Wall Street firms to pay back taxpayers for the extraordinary assistance provided so that the TARP program does not add to the deficit. Even before the announcement, Big Bankers were squealing like stuck pigs. From Think Progress:
Edward Yingling, president and chief executive, American Bankers Association: “To impose yet another burden on the industry would obviously decrease their ability to lend.”
