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We had a parade of bank executives meet with the House Committee on Financial Services. Each one had a set of prepared remarks that described how their banks were lending money and how they are trying to use the money that the U.S. Treasury gave them wisely.
There is no doubt that these bankers are lending money. That is not the problem. The problem is the rate at which they are lending this money. The Federal Reserve has lowered the "prime rate" to 3.25%. The prime rate is the rate at which corporations with the best credit can borrow. So this money should have been lent out at 3.25%, or 1% higher, at 4.25%.
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