Republicans Are Good With Money
Nov 20th, 2007 at 7:41 am by Susie
Remember how excited our press corpse got over our Harvard-MBA president?
Economists increasingly worry that banks are suffering such massive losses that they will be forced to cut back their lending to consumers and businesses. That would slow the economy, much as the savings and loan crisis did in the early 1990s. Yesterday, an analyst predicted that Citigroup, the world’s biggest financial services company, would suffer another $15 billion in losses in the coming six months from its exposure to exotic types of debt.
That prediction, along with fresh negative data about the housing market, drove the Dow Jones industrial average down 218 points, or 1.7 percent. Financial markets are pointing to a strong possibility of even more bad news.
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Citibank is expanding aggressively in Boston– there are a couple dozen new branches under construction. This can’t be helping their cash flow. Are they trying to underscore the idea that they’re too big to fail?