The stimulus package for the banks was based on the idea that banks needed more money so that they could lend more. This is not what happened, what happened was that banks hoarded the money to balance their sheets. This is the time when people need low interest rate loans the most and they are not getting it because the US government gave a bunch of money to bankers instead of defaulting borrowers. MotherJones gives their comment and their prescription for the economic and societal ailment we have been inflicted with.
Also, Joseph Stiglitz, a professor at Columbia and one of the great outspoken economists of our time comments on the damage in the last 8 years and what needs to be done. This is very much worth reading.
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