CNN just reported on their Live show that a report released today says the Federal Reserve loaned $7.7 Trillion dollars to the big banks and Wall Street firms during 2008. Aren’t those the same bankers that said the whole reason the mess happened was because of citizens across America who got into a financial hole with their own finances? And then, those same bankers borrowed all that money from the Fed because they had to in order to stay afloat?
Aren’t they the same ones that didn’t want to lend anyone any money thereafter unless a complicated system of credentials and perfect credit were held by individuals, small businesses and homeowners?
The report is apparently on CNN and Bloomberg.com. It includes the amounts loaned to these large banks and Wall Street firms. Worth seeing.
You just have to read this – Absolutely unbelievable –
So, not only does it take an obscene amount of jumping through hoops for most Americans to get any money borrowed from these banks or the SBA or to prevent foreclosure or to get the small business loans offered through banks – or to get government help through any program available from foodstamps to WIC to TANF to help with not being homeless any longer, when it is the Wall Street financial products, bankers and their gambling debts that are in trouble, they are handed the keys to our Treasury and Federal Reserve and told to get what they need, however many billions of dollars it may be. Obviously, they couldn’t pay their original notes and creditors or they wouldn’t have even needed the money. Obviously – that would make them a group of companies with the worst credit scores, the worst at being overextended in their borrowing and gambling with it, and the very worst at what they are doing in order to have put themselves (and us) in this financial disaster in the first place.
But, no –
Freely give them whatever amount of money they need and then print money to make the rest of us absorb their losses whether we agree to it or not. They are the worst violaters of good financial management known to the history of mankind (evidenced by the fact that it took $7.77 Trillion dollars plus $700 Billion in TARP funds and another $134 Billion for AIG and another 15 programs of interest free money systems plus the US taxpayers buying all their bad debt products in order to get them solvent.)
But, if I went to ask for $30 – what do you think would happen?
Oh no – they couldn’t loan me that because I don’t have the “track record” they do . . .
I’d hate to ask for $300 – they would just laugh while sitting on their pile of our money to the tune of hundreds of billions of dollars each of them have taken.
Even existing small businesses with good, even perfect repayment histories have been denied loans all over the United States in every state, county, district and city by these same banking institutions and their government backpocket “keepers”. I’m not sure which one is the worst – the banks that did it and their Wall Street counterparts, or the government players who facilitated it. Obviously, the only real enemy of the US today, exists in the concept of capitalism which denies the free market principles when it has to do with banking, financial products, Wall Street brokerages, financial institutions, financial investment firms, hedge funds, banks, insurance companies, credit default swaps and other toxic exotic fincancial vehicles, large corporate players in Wall Street and a handful of very wealthy players – but leaves everyone else in the nation strapped with not only suffering those personal failures in the free market capitalist system but covering the big players’ losses, as well.
To say it is unfair is the understatement of the century. To say the situation is untenable and unviable in this form will likely be closer to the truth of it. It’s just a matter of time.
What kind of democracy is that?