The Fed's Term-Asset Backed Securities Loan Facility (TALF) has experienced a drop in popularity from the previous month: Fed Requests for TALF Loans Drop 64% to $1.7 billion. What is amazing about this one month decrease is the spin related to the drop? Consumers not spending and hence using less credit. Hell no that would be too logical.
The reason for the drop: protections for American workers:
The Federal Reserve’s requests from borrowers for loans to buy asset-backed securities fell 64 percent from last month as investors balked at visa limits and possible political efforts to tax earnings.
That is right. Let the scapegoating begin!
“It is a big disappointment,” said Stephen Stanley, chief economist at RBS Securities Inc. in Greenwich, Connecticut. “There are some folks who have decided they just don’t want to play in any government programs.”
Why? Because they can't take their government subsidy/corporate welfare/U.S. taxpayer money and then off-shore or on-shore jobs. I am sorry we are interfering with your profits or higher returns.
“The Treasury and the Fed have got to do some listening to the concerns of the private sector and do something to address those concerns,” said John Ryding, founder of RDQ Economics LLC in New York and a former Fed economist. “It’s not a problem with the program in principle.”
I am sorry but isn't the corporate welfare/corporate subsidies enough to address their concerns. Oh, I forgot: "give an that great risk-taking American investor an inch and they want a mile." Attention investor class: are you in or are you out? Stop carping. If you are out then good we should then break-up the financial oligarchs and totally restructure our financial system.
But here is the thing and it is not addressed until the end of the article. Did anyone consider that maybe consumer demand for credit was down and that may have been the reason for the month-to-month drop? No, that would be too logical and a missed opportunity to blame the protection of American workers.
Weaker consumer demand for credit could also be limiting demand for TALF deals. The pace of borrowing by U.S. consumers fell in February.
Consumer credit fell by $7.48 billion, or 3.5 percent at an annual rate, to $2.56 trillion, the Fed said today in Washington. Credit increased by $8.14 billion in January. The Fed’s report doesn’t cover borrowing secured by real estate.
But, wait a minute-the first paragraph of the story blames investors balking at restrictions on visas. So, what is it Bloomberg? Something tells me that first paragraph is spin and not the entire truth of what is happening with TALF.
wow, just wow
another one to put on the front page here.
That's just unbelievable they would try to blame (keep screwing the consumer) on guest worker Visas.
Whatever is going on with other countries trying to get American jobs....this is becoming ever increasingly obvious that more is involved than just buying cheap labor.
That simply doesn't add up, we're talking about 1,000 jobs and poor babies just had to hire Americans in the TARP program.
Duh?
That wouldn't have anything to do with unemployment rates approaching 20%, would it? The bogus reporting of govenment statistics must not be regurgitated any longer. The BLS should just drop the "L", because that is what their statistics are, just "BS".
Insofar as John Ryming is concerned, he should just go fuck himself and encourage all the other bloodsucking private sector capitalist mofos to do the same. Let's make it a national event on the major networks during sweeps month!! Do I hear any seconds to that motion?