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Yup, Capitalisim Sucks
A market that healed itself - Aug. 28, 2009
Quote:
NEW YORK (CNNMoney.com) -- Sick of bailout billions? Here's a bit of good news: While the government struggled to come up with a viable recovery plan, one ailing financial market has managed to heal itself.
Small business lending collapsed last year, as loan volumes dropped to half of their previous levels. One of the catalysts was a sudden freeze in the secondary market, where banks sell off bundled batches of loans they've made. When the financial world went into crisis last September, that market came to a standstill, prompting banks turn away small business loan applicants in droves.
Figuring out how to revive the secondary market has been a priority for the Small Business Administration and the Treasury Department. The government set aside billions to invest, vastly eclipsing the money earmarked for other small business stimulus efforts. But while government agencies struggled to get their programs up and running, the market came back to life on its own.
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08-28-2009, 08:53 AM
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