Write the bad debt off now !
Sounds like this latest "crisis" from our lib press has got you all upset. Time for a little perspective.
It's true that foreclosures and credit delinquencies are up. The reason is not that we're bad off. The reason is that we've been so well off that the only change possible was for us to be like we were a couple years ago.
Bank loans in general are as good as they were a couple years ago. Real estate loans are not quite as good because of rising interest rates, but those "gargantuan" loan failures are no worse than they were during the Clinton economic paradise that the lib press was so crazy about.
I'm telling you; the press is lying and we're OK.
They're not trying to.
Write the bad debt off now !
You should get right on that.
More from the article.
These measures are an extension of what central banks were doing anyway: substituting central-bank money for funds normally lent and borrowed between banks in the interbank market. The funds themselves are not a "net" addition to liquidity, because they are paid back when the loan becomes due. The Fed's additional TAF auctions will help fulfill the responsibility of the central bank to ensure the proper functioning of financial markets by providing temporary liquidity. But they are not an additional easing of monetary policy or a bailout of banks' bad assets.