WaPo: TARP Bailout Fails to Revive Lending

No big surprises here, though TARP supporters can continue to pat themselves on the back for preventing the banking system from collapsing. . . if that was ever really going to happen.

The government investment boosted EagleBank's capital, a cash reserve that regulators require banks to hold as a cushion against losses. More capital meant EagleBank could make more loans, but the company has not been able to take advantage. Lending also requires deposits, the money that banks give to borrowers, and EagleBank's deposit base shrank over the past three months.
"You look around and everyone is saying, 'Banks are not lending,' " said Ronald Paul, EagleBank's chairman. "Well, we'd like to. I could grow my loan base considerably if I just had the deposits."
EagleBank's struggles are part of a broader national pattern and illustrate the complexity of the government's attempt to prop up the economy. Rather than investing in the banks best equipped to increase lending, the government invested disproportionately in banks that needed money to solve problems. Those banks often were ill-equipped to increase lending because of financial limitations such as a lack of deposits.

The thing I like about this article is that there are no illusions about what the TARP was supposed to do. It was always intended to keep failing banks from closing or selling or declaring bankruptcy. It was not the purpose of the TARP to give money to "sound financial institutions" as David Freddoso incorrectly wrote last week and many other TARP supporters have claimed recently. Those banks didn't need the help.

So what we now have is a whole lot of functioning banks, only a few of which are genuinely healthy. The investor/depositor is having to make hard choices about putting their money in the healthiest banks or taking a risk with one of the bailed-out banks. That's when he can tell which is which, of course.

To top it off, the Democrats are pushing banks which received TARP funds to increase their lending, even though they may not be adequately capitalized and even though this likely means risky lending. Today, Barney Frank is holding hearings on attaching tighter conditions to TARP funds, including lending requirements.

Posted by: Gabriel Malor at 09:26 AM

Comments

1 My bank was just bought out by Crapitol One. No doubt, this was to give them access to TARP Money. If things start getting fishy... high interest loans to people with questionable credit, ridiculously large service fees, viking hordes ... I may have to switch to, oh, Wells-Fargo I guess.

Posted by: Gregory of Yardale at February 03, 2009 09:30 AM (PLvLS)

2 Wasn't that the same shit that started this mess? Democrats DEMANDING banks loan money? Barney had his Frank in Freddie's Fannie for years and he's at it again.

Posted by: JDW at February 03, 2009 09:38 AM (uw+0A)

3 Right now, the lending problems are a combination of both banks being scared senseless about potential lending risks, but also that there simply isn't a large amount of demand for loans in our economy at present. They can do all they can to prop up the banks and make sure business as usual continues on... but sellers need buyers, and the buyers aren't buying anything right now.

Posted by: Michael Fisk at February 03, 2009 09:38 AM (8YgdQ)

4 But... but..The Great and Powerful Ob told us more banks were going to fail this year. HE PROMISED!

Posted by: richard mcenroe at February 03, 2009 09:42 AM (DBS+D)

I thought the Troubled Asset Relief Program was a program to provide relief from troubled assets.

I'm just say'in.

Posted by: AllahGator at February 03, 2009 09:44 AM (Cy5K8)

6 Frank and his dipshit buddies are about to make the same mistake again.

Posted by: rplat at February 03, 2009 09:44 AM (Qrnps)

Yes, who would have thunk it. Government intervention did NOTHING as far as the goal went and the banks that got the money used it for OTHER things such as buying other assets and paying bonuses.

It is the old law of unintended consequences at work as the laws on the books from the depression era require all kinds of functions for making loans, including having deposits. Hell they use to require that people you loaned money to show signs of being able to pay it back as well! But thanks to Bwanrny Fwank, Piss Dodd, and Bill Clinton that requirement was removed. Then along came the “One” working for Acorn and not only did they not have to verify loan reliability, but they also had to make these loans to survive.

But hell, when the original purpose of TARP which was to buy up the so-called “troubled assets” that was causing the lack of liquidity did not occur what were we supposed to think. As soon as I saw that announcement that the Fed had pumped 600 billion into the banking system to ease liquidity I knew that TARP was not needed and we were in for a big screwing.

The House Republicans balked when it was still possible to balk. But the squishies in the Senate added the same piece of shit to a pork bill that had already been passed in order to get around the Constitution, and then sent it back to the House in a pass or lose the pork you already had manner.

Now they are at it again, only this time the squishies got that asses handed to them at the polls in between.

The 64K question…..have they learned?

Posted by: Vic at February 03, 2009 09:45 AM (f6os6)

8 @3 but also that there simply isn't a large amount of demand for loans in our economy at present.

I beg to differ. Listening to a number of conference calls on businesses which had to downsize significantly a common theme was lack of access to credit. In other words they want to borrow and can't. Since the current American business model is credit driven that directly impacts their ability to do business.

Posted by: chad at February 03, 2009 09:46 AM (Fdmhw)

9 Rebecca Jarvis on CNBC is reporting that Jamie Dimon of Chase just spoke at a conference. Among his comments was a wish that the prez would stop painting all banks with the same brush. He reminded the president that he asked that he not be painted with a broad brush when he was running for election. Dimon said there are good banks and bad banks that should fail and many banks in between that just need a little help. He said Chase has done a lot of lending recently. (this is my interpretation of Rebecca Jarvis' interpretation as presented on CNBC, I hope a transcript of his remarks becomes available as he always has something interesting to say)

Posted by: hmmmm at February 03, 2009 09:47 AM (zplc6)

10 @8: There's also a difference between the credit markets of most of the second half of 2008 and today. Credit markets are much more liquid, although still tighter than they have been in the past, but not like they were in the past few months (June-November in particular). Even with liquidity opening up, however, the demand for loans is still at historic lows...

Posted by: Michael Fisk at February 03, 2009 09:52 AM (8YgdQ)

11 Vic, buying the "troubled assets" coming up again, as regards "how do we price them?" was almost too much to bear for the dealbreaker crowd yesterday"
"Here We Go AgainPosted by Equity Private, Feb 02, 2009, 3:03pmOne of the great (awful) things about TARP was the brilliant (daft) plan to buy assets at above fire-sale (intensely overvalued) prices. This bit of financial wizardry (outright fraud) would have permitted banks with temporarily encumbered assets (irredeemable toxic sludge) to reprice their balance sheets based on the marks (fantasy) set by the Treasury's purchases. This has the added effect of improving the tenor (thickening the miasma) of the market and restoring confidence (validating pessimism)." http://tinyurl.com/e88bk

Posted by: hmmmm at February 03, 2009 09:55 AM (zplc6)

12 BoA acquired a community bank in which a good friend of mine had worked for 20 years. They made her so miserable they forced her to quit. I pulled all of my funds out of BoA and wont ever go back.

Another TARP success story.

Posted by: Dan F at February 03, 2009 09:56 AM (eOC9C)

WaPo: TARP Bailout Fails to Revive Lending

In other news, water is wet and the sun rose in the east this morning.

Posted by: Andy at February 03, 2009 10:04 AM (WsTw8)

14 It's really a macrocosm of socialist failure. Left to its own devices, private enterprise would loan money to individuals most likely to repay it, at interest rates commensurate with the amount of risk involved in the loan.

But government didn't care for that system, and substituted one in which the criteria for loans was not based on ability to repay, but on a political calculus that favored groups identified as potential sources of political support. Many of these borrowers would not have gotten loans under the previous regime, for the very good reason that they were bad risks.

Nature and economics do not long tolerate fools. Of course the loans went bad. And the consequences have been severe.

This is typical of what happens when economic decisions are politicized.

Posted by: Gregory of Yardale at February 03, 2009 10:04 AM (PLvLS)

hmmmmm

It looks to me like all of these "advisors" should be in jail and yet they want to prosecute Bush & co.

Posted by: Vic at February 03, 2009 10:07 AM (f6os6)

16 Barney Frank is either evil or as dumb as a post. Or some genius combination of the two.

Posted by: Bald Ninja at February 03, 2009 10:11 AM (4pdbX)

17 We could start this whole mess all over again - with Frank and his fellow Congress critters pushing for increased lending (risky lending) and banks getting the 'crazy' idea that even if they cave to the demands of Congress and give out bad loans that the government will be there to bail them out again. I also doubt that borrowers are going to get any wiser either. In fact, I'm tired of living in a home I can afford and within a budget that doesn't bankrupt me - once the market picks up I think I'll sell my home and get a much bigger one!

Posted by: Bald Ninja at February 03, 2009 10:15 AM (4pdbX)

18 I'm told that yesterday that zaza gabor wannabe lambasted Erin Burnett for just "explaining how bonuses on Wall Street are given out". Haven't seen the post as I long ago decided she wasn't worth my time.

Posted by: hmmmm at February 03, 2009 10:15 AM (zplc6)

19 Bald Ninja, the mixed messages that are out there have everyone beyond confused. Your comment "This is typical of what happens when economic decisions are politicized" really says it all beautifully.

Posted by: hmmmm at February 03, 2009 10:20 AM (zplc6)

20 If there were ANY justice in our country, the rotting remains of Barney Frank, Chris Dodd, Bernie Madoff and several others would be suspended in a steel cage over the Potomac as a message to the others.

Posted by: pendejo grande at February 03, 2009 10:21 AM (Qhz26)

Haven't seen the post as I long ago decided she wasn't worth my time.

By "she," you obviously mean gabor. Erin Burnett's kind of hawt, IMO.

Posted by: Andy at February 03, 2009 10:22 AM (WsTw8)

22 It was always intended to keep failing banks from closing or selling or declaring bankruptcy.

As Gregory pointed out, this is the classic failure of most market interventions. People and politicians need to learn (really, truly learn) that business failures are not bugs, but features of the free market system. Yes it is painful, that's the whole point. If it wasn't, there would be no disicpline. Take away the pain and there is no reason to perform well.

Many are saying that the financial industry is "different". This effectively shelters them from their own bad judgments. It is not so much that they are different, but that several of them were allowed to grow so large as to be "too big to fail". The net result was to hold the entire economy hostage, requiring a bailout for poor decisions on scale unheard of in history.

The liquidity injections, while not as bad as TARP, also have a cost. Once the money works through the system we will get a large inflation spike and the Fed will be forced to jack up interest rates right in the middle of a recession. Stagflation, blah!

Posted by: oLD gUY at February 03, 2009 10:23 AM (n1yDn)

23 ....banks getting the 'crazy' idea that even if they cave to the demands of Congress and give out bad loans that the government will be there to bail them out again.

This is the whole moral hazard problem at the heart of it all. No pain means no discipline.

Posted by: oLD gUY at February 03, 2009 10:26 AM (n1yDn)

24
Four more years of this crap, we'll all be living under tarps.

Posted by: Dang at February 03, 2009 10:26 AM (Y5LIx)

25 This is the crux of the issue. Banks don't lend "capital", they lend deposits. Attaching lending requirements to TARP funds is just stupid. Not that I'd expect anything less than that from Barney Frank (D - Culture of Corruption)

Posted by: BillK at February 03, 2009 10:27 AM (lV7sX)

26 If that bank president thinks deposits are low now, wait until his customers have to start paying the taxes which fund the bailouts...

Posted by: t-bird at February 03, 2009 10:32 AM (FcR7P)

27 If I were a conspiracy nut, I'd suggest thah Baawwwwwney Fwank is TRYING to crash the US Banking System.

I postulate this, what would he be doing different if he was actually attempting to bring the system down?

Posted by: Techie at February 03, 2009 10:33 AM (906oR)

28 Not an economist or a banker here, but I would say that when businesses are downsizing or closing because banks aren't lending then that would tend to lead to a decrease in the demand for loans.

That conclusion seems to have been one of the outcomes of Bernanke's work studying the Great Depression.

Of course like I said I am not an economist and I could be completely misinterpreting.

Posted by: chad at February 03, 2009 10:36 AM (Fdmhw)

29 # 28 was at Michael Fisk sorry

Posted by: chad at February 03, 2009 10:38 AM (Fdmhw)

The French are showing more fiscal responsibility.

Paris rejects 'Obama-style' stimulus program

Prime Minister François Fillon on Monday rejected demands that the French government seek to stimulate consumer spending, rather than follow his plan to stimulate corporate and infrastructure investment, to lift France out of its economic slump.

"It would be irresponsible to chose another policy, which would increase our country's indebtedness without having more infrastructure and increased competitiveness in the end," Fillon said in a speech in Lyon.

Posted by: TheQuietMan at February 03, 2009 10:38 AM (1Jaio)

31 CNBC interviewing Senator chuckie now and then they will be covering the p r e z ' s announcement of Secretary of Commerce.

Posted by: hmmmm at February 03, 2009 10:52 AM (zplc6)

32 OT but relevant - Apparently the Senate is going to investigate the 2004 corporate tax holiday in order to discourage people from trying to make another one part of the stimulus package.

Posted by: chad at February 03, 2009 10:55 AM (Fdmhw)

33 Nancy Killefer, who failed for a year and a half to pay employment taxes on household help, has withdrawn her candidacy to be the first chief performance officer for the federal government, the White House said Tuesday.

When her selection was announced by Obama on Jan. 7, The Associated Press disclosed that in 2005 the District of Columbia government had filed a $946.69 tax lien on her home for failure to pay unemployment compensation tax on household help.

http://tinyurl.com/bag4ah

$950 and she gets tossed under the bus?? Can you say "Sacrifice"??

"OH, look.. We refused this one that cheated on her taxes.. See now you don't have to look at Daschle..."

I knew you could...

Posted by: FORGER at February 03, 2009 11:01 AM (NMNMW)

34 $950 and she gets tossed under the bus?? Can you say "Sacrifice"??

"OH, look.. We refused this one that cheated on her taxes.. See now you don't have to look at Daschle..."

I knew you could...

I think this was done precisely to provide Obama cover in Daschle's and Geithner's case. Good catch, FORGER.

Posted by: oLD gUY at February 03, 2009 11:09 AM (n1yDn)

35 Steyn in "The Nation as Company Town" notes from a London Times article that government spending is now 49% of the UK economy. Northern Ireland and Wales are especially pathetic- over 70% for them.

Our future.

Posted by: t-bird at February 03, 2009 11:13 AM (FcR7P)

36
This is so damn typical. Government employees who haven't the first clue, make rules that cause more problems, then look for scapegoats.

and why don't democrats pay their taxes? is that something that only the little people do?

Posted by: kill the survivors at February 03, 2009 11:24 AM (Hx6A9)

The thing I like about this article is that there are no illusions about what the TARP was supposed to do. It was always intended to keep failing banks from closing or selling or declaring bankruptcy.

That's not entirely accurate, Gabe. The initial purpose of the Troubled Asset Relief Program was to buy up "troubled assets". Yes, that would have kept failing banks from failing, but in a different fashion than simply shoveling money at every bank in sight.

The reason we're still screwed is that even today, nobody knows how big the mountain of underlying bad debt paper is. The people running the show seem anxious that this information NOT come out. And that is spooking the markets more than anything else.

Why did they not go forward with TARP as initially planned? It seems likely that it was because the $700 billion was wholely inadequate to address the problem.

Posted by: flenser at February 03, 2009 11:42 AM (fMQe3)

banks getting the 'crazy' idea that even if they cave to the demands of Congress and give out bad loans that the government will be there to bail them out again.

Steve Sailer had a great discussion of what led to the problem here.

http://tinyurl.com/d7nngz

A single bank, WaMu, set as its goal the lending of $350 billion to the sub-prime market.

Posted by: flenser at February 03, 2009 11:49 AM (fMQe3)

39 I have my checking at Wamu, and noticed 2 years ago that the deposit slips were printed in English and Spanish, as well as the signs in the banks. This corresponds to the push by the latest CEO who started 2 years ago to make risky loans. I wrote and protested the Spanish banking, and it stopped. Now they are stuck with the loans and had to be bought out.

Now the freaking government won't tell you who's in good shape or not, but I note some banks actually put on their websites that they had no bad loans or bailouts. I think the only solution is to keep accounts in separate banks and hope for the best.

Of course the CEO still has his millions of dollars in "salary" for job well done.

Posted by: PJ at February 03, 2009 11:55 AM (fyFnu)

40 More NINJA loans! Who can disagree with Barney Fagg.

Posted by: Thomas Jackson at February 03, 2009 11:56 AM (0Qynq)

41 Um, weren't you banned numerous times?

Posted by: Diderot's dog at February 03, 2009 01:24 PM (TSTvF)

42 "Today, Barney Frank is holding hearings on attaching tighter conditions to TARP funds, including lending requirements."

Yeah, Barney would be alot more help if he'd put a .45 to his left temple and pull the trigger.

Posted by: GarandFan at February 03, 2009 02:05 PM (237hA)

43 "TARP supporters can continue to pat themselves on the back for preventing the banking system from collapsing. . . if that was ever really going to happen."

Was that a swipe at Ace?

Posted by: Terry Notus at February 03, 2009 03:20 PM (nrYjv)

44 PJ @ 39 " I think the only solution is to keep accounts in separate banks and hope for the best."

Only if your accounts are over $100K apiece. Below that, they're federally insured. Seriously.

Posted by: Mr Pedantic at February 03, 2009 06:52 PM (sI5iI)

45 Flenser @ 37 "The initial purpose of the Troubled Asset Relief Program was to buy up "troubled assets"."

It sure sounded good at the time. I know I bought into it.
But here's the thing: it creates a hideous conflict of interest, when the gubmint is buying these assets.
If they bid too high, they're screwing us taxpayers; if they bid too low, they're failing to solve the problem.
You know who needs to buy these troubled assets?
Not the derivative instruments, but the actual underlying mortgaged properties?
Private citizens and corporations, that's who.
You know how to get them to do that?
Tax holiday on all capital gains from all purchases of foreclosed properties bought during 2009. And/or on the proceeds from renting such properties.
Will that happen under this administration? ha ha ha ha ha ha ha ha
No.

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