Interest Rates Are Low, but Banks Balk at Refinancing

http://www.nytimes.com/2009/12/13/business/economy/13rates.html?_r=1&hp

---------- Forwarded message ----------
From: barry levine 
Date: Sun, Dec 13, 2009 at 9:21 AM
Subject: re: Interest Rates Are Low, but Banks Balk at Refinancing
To: letters@nytimes.com


To the Editor:

   For a year now, the Federal Reserve has tried to inject money into American society by depressing interest rates. In a well-functioning market, each bank would compete to refinance another bank's loans at a more attractive rate, and the borrowers would have more money to drive the economy. If, instead, the banks collude to line their own pockets and not to lend out this money, they should be broken up without hesitation or sentiment. That's what anti-trust laws are for.

Barry Levine