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THOUGHT FOR THE DAY!
So When Will Banks Give Loans?
“Twenty-five billion dollars is obviously going to help the folks who are struggling more than Chase,” he began. “What we do think it will help us do is perhaps be a little bit more active on the acquisition side or opportunistic side for some banks who are still struggling. And I would not assume that we are done on the acquisition side just because of the Washington Mutual and Bear Stearns mergers. I think there are going to be some great opportunities for us to grow in this environment, and I think we have an opportunity to use that $25 billion in that way and obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backstop.”
The American taxpayers, who have bailed out these banks, will not see one dime come back to them.
This is about congress protecting "their own", and when I say "their own", I am not at all talking about their constituents, who seem to have no other value than as endless revenue streams for more and more taxes.
The congress members who passed this legislation are simply acquisitions of the large corporations which own them. And in passing this legislation, they definitely did take care of "their own".
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Fair, equal, equitable...
AnonymousVery few will take the time required to get to the bottom of the iniquity of these bailouts. Sure, the presidential candidates will say there should be help for the mortgaged home-owner too. But this hardly scratches the surface of what is transpiring here.
For one thing, with tighter credit, those who want credit will have to go begging. Those who have friends in high places will get their's in spades, and at a steeply discounted rate too, the same as loans were being handed out to members of Congress by Mozillo at Countrywide Financial.
All this bailout money is at least tentatively inflationary too.
The bailout money creates an economic atmosphere in which, even if you don't need a loan, you end up giving up some of your buying power toward the favor of those who have the political connections to swing a great deal on a loan.
And in fact, the reason for the bailout is so the banks aren't forced to liquidate the vacant housing they own all across the country. If they couldn't get money from the Fed, they'd be forced to sell those homes at the market price to raise capital to prevent their own foreclosure.
Think about that.
So, even if you're waiting for a deal, keep waiting. Be patient, because eventually all the chickens are going to come home to roost in this downturn.
The sky isn't falling. But the price of everything will end up falling faster than the Fed can print money to keep those prices from falling.
Why? Because the money isn't getting into enough of the right hands, and there is no way to ensure it does get into the necessary hands, because the people who are handing out the money are so corrupt, the thin spread at the bottom will be as laughable as what lands at the bottom due to trickle down economics.
More and more economists every day are beginning to realize, the Fed should have never headed down this bailout path in the first place.
The bailout is merely delaying or more likely simply slowing down, while exacerbating the inevitable in the downturn of the world economy now.
Don't look down, because, without economic leadership that actually puts people back to work, it's a long way down from here still.