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Time to put your money where your mouth is

Actually, it’s OUR money….

The largest banks in the United States have been “talking a good game” lately on TV about how many homeowners they have “saved” from foreclosure, while continuing to dry up funds that would otherwise be available for lending. I wrote earlier, citing a CNN Fortune article, that at 4 of the 5 largest bank holding companies (the exception was PNC of Pittsburgh, PA)  loans have have NOT kept pace with the increased rate of deposits, despite all of the bailout money.

It looks like all that has changed since that blog entry has been the marketing activities and ad campaigns of the banks.

According to another CNN Fortune article, yesterday:

“Bank of America, for instance, boasted last month in its third-quarter financial results that it “extended $183.7 billion in credit during the quarter.” But it ended the quarter with fewer loans than it started with, as loans fell by $28 billion.

Similarly, JPMorgan Chase said in its third-quarter report that it “continues to help consumers and communities in this challenging economy.” But its loan book shrank 4% during the quarter and 14% over the past year.”

The latest TV ad that I saw about saving homeowners was from Citigroup, which received the most federal aid of the big 5,  yet reported a DECREASE in lending from the meltdown of September 2008 until the year ended June 30, 2009.

The latter CNN article presents the documentation of the REAL actions of the banks and reminds us that recovery cannot occur without loans to businesses, particularly small businesses.

-Bill at Cheshire Cat Photo™

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