Weak Lending Continues to Slow Recovery

Banks continue to show their disdain for Main Street as they posted their sharpest decline in lending since 1942, even though the bonus levels of the largest banks are projected to top 17% with profits of $55 billion.The Federal Deposit Insurance Corporation found in its quarterly report that while top-tier banks are recovering quickly, the rest of the banking industry is still suffering. This weak lending will slow any prospects we have for growth in consumer spending and jobs.