Tuesday, October 21, 2008
The Government Has Given Banks YOUR MONEY, and You Won't Get Anything For It
The government has given banks handfuls of YOUR MONEY and you won't get anything for it.
Don't believe me?
Let's recap:
- The fed and treasury said they had to spend trillions of dollars to "restore liquidity" (that is, free up loans by banks)
- However, according to top experts, the problem was never a lack of liquidity
- And the government did not insist that the banks use the money to extend loan credit
- So the banks are not using the bailout money to extend loans, and they admit they won't do so anytime soon
Well, the original version of the bailout would have helped mainly Paulson's old company, Goldman Sachs.
And according to one of the leading experts on monetary policy and economics, the government isn't "trying to save the banking system [but just] trying to save banks." Paulson trying to help out his buddies at Goldman Sachs and elsewhere?
Moreover, as the headline from a CNBC report reads today, "Feds Using Bailout to Push Bank Mergers". Hmmm. That would benefit Paulson's buddies, also, letting them use federal bailout money to take over their competitors.
I'm not saying for sure that all of the bailouts are solely for the purpose of helping out Paulson's buddies. What I am saying is that they won't help YOU.
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