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Last night on the House floor, shortly before the debates began, Sheman cautioned fellow members of Congress not to be fooled by volume of calls in favor of the bailout because entities expecting to benefit from the bailout are paying their employees to make the calls. So it's doubly important that we call our members of Congress now if we are opposed.
I included letting my Representative know about this new info from Forbes.com:
"Bank Loans Have Not 'Dried Up'"
Alan Reynolds 10.01.08
--excerpt--
"Contrary to many comments, consumer and industrial loans actually increased in the latest week. Troubled giant banks have cut back on lending, but smaller banks have picked up the slack. Consumer and real estate loans dipped insignificantly through Sept. 17, remaining much higher than they were a year earlier.
If all the recent hysterical chatter about lending being "frozen" or "shut down" refers to anything real, it is not about banks loans (through Sept. 17) but about such arcane financial markets as asset-backed commercial paper or loans between banks. But this too is mainly about financial firms, not Main Street. Non-financial commercial paper increased from $156 billion at the start of the year to more than $204 billion from Sept. 3 to Sept. 17, dipping only modestly since then."
The article includes a table w/ the actual total loans by type compared w/ last year.
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