The housing market and economy may slowly be recovering. But within banking circles, it’s still a mess, according to this article by Reuters.
How best to describe it? Think of a really big hangover, such as from downing a few too many at a cousin’s truly wild wedding, and then not wanting to look at, sniff or even think about alcohol for months afterward. That’s what banks are going through right now, though substitute “months” with “years” and you have an idea how much America’s banks over-imbibed during the housing-market frenzy last decade.
No wonder the economy as a whole is only stumbling forward. Our biggest banks still have a collective ice pack on their heads.
File under: Bottom’s up!