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Despite Taxpayer Bailout, Fed Says Banks Tighten Loan Standards Most on Record

Posted By admin On November 4, 2008 @ 5:46 am In Money Watch | Comments Disabled

George Washington’s Blog [1]
Tuesday, Nov 4, 2008

As you probably know, banks are spending taxpayer bailout money to pay executive bonuses [2], distribute dividends to shareholders [3], and – with the government’s assistance [4] – to buy out their competitors [5].

You’ve probably also heard that the banks themselves admit [6] they’ll keep hoarding cash.

Now, according to the Fed [7], even after being handed hundreds of billions in taxpayer loot, the banks have tightened loan standards the most on record.

The head of the U.S. House of Representatives Financial Services Committee said [8] that using bail-out money for anything other than lending will be a criminal offense. But, so far, its all talk and no action (as usual).

The banks have admitted they’re going to keep on spending the bailout money on everything under the sun other than lending. Okay Congress, stop talking tough and prosecute, already.

And what about Paulson, who knowingly lied [9] to Congress?

Despite Taxpayer Bailout, Fed Says Banks Tighten Loan Standards Most on Record 161008pptv3 [10]

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URLs in this post:

[1] George Washington’s Blog : http://georgewashington2.blogspot.com/2008/11/despite-taxpayer-bailout-fed-says-banks.html

[2] executive bonuses: http://www.dailymail.co.uk/news/worldnews/article-1081624/Goldman-Sachs-ready-hand-7BILLION-salary-bonus-package--6bn-bail-out.html

[3] dividends to shareholders: http://www.washingtonpost.com/wp-dyn/content/article/2008/10/29/AR2008102904533_pf.html

[4] with the government’s assistance: http://georgewashington2.blogspot.com/2008/10/in-superficial-political-theater-bush.html

[5] buy out their competitors: http://georgewashington2.blogspot.com/2008/10/giant-companies-are-using-your-money-to.html

[6] admit: http://georgewashington2.blogspot.com/2008/10/even-banks-admit-theyll-keep-on.html

[7] according to the Fed: http://www.bloomberg.com/apps/news?pid=20601087&sid=awp0v9iSJIlg&refer=home

[8] said: http://www.dailymail.co.uk/news/worldnews/article-1082165/U-S-warns-banks-using-bail-money-pay-pensions-executives-criminal-offence.html

[9] knowingly lied: http://georgewashington2.blogspot.com/2008/10/even-new-york-times-calls-paulson-liar.html

[10] Image: http://www.prisonplanet.tv/subscribe.html

[11] Banks Keep Mum on What they Did with Bailout Cash: http://www.prisonplanet.com/banks-keep-mum-on-what-they-did-with-bailout-cash.html

[12] Student Loan Bubble To Exceed $1 Trillion: “It’s Going To Create A Generation Of Wage Slavery” And Another Taxpayer Bailout: http://www.prisonplanet.com/student-loan-bubble-to-exceed-1-trillion-its-going-to-create-a-generation-of-wage-slavery-and-another-taxpayer-bailout.html

[13] Banks To Get £37bn From Taxpayer: http://www.prisonplanet.com/banks-to-get-37bn-from-taxpayer.html

[14] Congressmen Kucinich and Filner: No U.S. Bailout for Foreign Banks: http://www.prisonplanet.com/congressmen-kucinich-and-filner-no-us-bailout-for-foreign-banks.html

[15] Bailout Overseer Says Banks Misused TARP Funds: http://www.prisonplanet.com/bailout-overseer-says-banks-misused-tarp-funds.html

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