Fed's move is not a good idea for some...
The federal government's action Tuesday to make $250 billion in preferred stock available to banks might be Treasury Secretary Henry M. Paulson's hope for getting the economy going again. But it was not a panacea for many, who feel the action is a socialistic attempt to interfere in the free market.
"It's the most ludicrous thing I've ever heard," said David Hornberger, a former banking executive who lives in San Gabriel.
About this blog
Economic Alert is a daily blog on business and the economy in the San Gabriel Valley and beyond, featuring updates and observations from the staff of the San Gabriel Valley Newspaper Group. SGVN includes the San Gabriel Valley Tribune, Pasadena Star-News and Whittier Daily News.
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Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
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Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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