Date: 10/28/2008
WASHINGTON (AP) — An impatient White House prodded banks and other financial companies Tuesday to quit hoarding billions of dollars flowing into their vaults from Washington and start making more loans.
Hoping to thaw the credit freeze that has chilled the economy, the Bush administration sent banks an unmistakable message to put aside fears and open up loan windows for cash-starved businesses and consumers who have pulled back on spending.
While there are limits to Washington’s power to affect banks’ behavior, the White House decided it was time to use its bully pulpit.
Copyright 2008 The Associated Press.