The Government Has Given Banks YOUR MONEY, and You Won’t Get Anything For It

George Washington’s Blog
Wednesday, Oct 22, 2008

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

(Article continues below)

So why has the government authorized trillions on our dime?

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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8 Responses to “The Government Has Given Banks YOUR MONEY, and You Won’t Get Anything For It”

dave Says:
October 22nd, 2008 at 6:06 am
Bankers are like crocodiles – they smile at you as they drag you under.
Peter in the UK Says:
October 22nd, 2008 at 6:35 am
Let me see …the goverment buys bad debt using the tax payers money, the tax payer cant pay it because they are loosing their jobs, their homes so who the fuck is going to pay the tax in order to pay the bankers?
Matt Says:
October 22nd, 2008 at 6:41 am
Thanks for the breaking news flash, Tom Brokaw…
JF Says:
October 22nd, 2008 at 8:00 am
This sucks eggs!! The taxpayer gets screwed again and doesn’t even get to enjoy the fruits of their hard labor.
Gary N Says:
October 22nd, 2008 at 12:39 pm
I posed a question to a few ‘experts’ asking where all this lost money had gone, or if it ever existed, but got no reply. A couple of days later I heard the same question asked to a BBC radio business program. They went across the road from the BBC studio, to the London school of Economics to ask 2 of their senior lecturers this question. Their answer? No, the lost money never really existed! So now we are giving them OUR money to make up for the losses that only realy existed as 1s and 0s in their computers. Unbelievable.
global plantation serf Says:
October 22nd, 2008 at 2:29 pm
I owe, I owe, it’s off to work I go…

http://www.bradblog.com/

What voice do I have? None. But at least I’m not brainwashed by TV, radio, or newspapers.

I know that they are just stealing taxpayer money because the problem is a balance sheet (insolvency) problem not a liquidity problem. So management couldn’t care less. Until they are allowed to fail (and no one will lend them money because of their questionable balance sheets) they will be walking dead and prolonging the problem. Thanks Republicans and Democrats! I will vote for you (NOT).
chris Says:
October 22nd, 2008 at 4:05 pm
revolt! revolt! revolt!