By JERUSALEM POST STAFF
An impatient White House prodded banks and other financial companies Tuesday to quit hoarding billions of government dollars flowing into their vaults and start making more loans. Wall Street soared almost 900 points on bargain hunting and hopes of a hefty rate cut on Wednesday by the Federal Reserve.
The stock market's amazing climb, with its second-largest point gain ever, was a welcome burst of good news for a nation suffering big job losses and tumbling into a painful recession.
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 loan windows for cash-starved businesses and consumers who have pulled back on spending.
"What we're trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And banks exist to lend money," White House press secretary Dana Perino said. While there are limits to Washington's power to affect banks behavior, the White House decided it was time to use its bully pulpit.
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