“In a sign of deepening fragility among the nation’s largest banks, the government is preparing to throw a new multibillion-dollar lifeline to Bank of America, several people briefed on the talks said Wednesday, the latest effort to stem a tide of growing losses in the financial system. Bank of America, which was already granted $25 billion in capital from the Treasury’s Troubled Asset Relief Program in October, is seeking billions more to shore up its balance sheet as it struggles with mounting losses at Merrill Lynch, which it recently acquired, said these people, who were not authorized to speak publicly.” (New York Times, Thursday)
Government money is addicting.
FEE Timely Classic
“Economic Fascism” by Thomas J. DiLorenzo
