White House to banks: Start lending now »
Posted By TechnologyExpert 1 year, 2 months ago in Business & Finance
An impatient White House prodded banks and other financial companies Tuesday to quit hoarding billions of dollars flowing into their vaults from Washington and start making more loans. Wall Street soared nearly 900 points on bargain-hunting and hopes of a hefty interest rate cut by the Federal Reserve.
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TechnologyExpert
I am Editor-in-Chief at Alice Hill's RealTechNews (http://www.realtechnews.com). I also have my own blog (Tech-Ex) at http://TechnologyExpert.Blogspot.com. Finally ...
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doppich1 year, 2 months ago
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On this subject, this gem from Dana Perino:
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"Taxpayers will make billions when this plan succeeds. It’s a "win-win can’t fail" situation. The more money banks lend the more money banks will make. It never fails. And the beauty of the plan is taxpayers benefit. If it looks like the plan is not working it’s only because banks are not lending enough."
Taxpayers will make billions, eh? Let's not hold our breath.... -
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4cprocess1 year, 2 months ago
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My take on this has been and always will be that only the people of this country can actually help this country. Take for instance, the last incentive check that we received cost the country 150 billion dollars and everyone was included. The 700 billion dollar bailout (which I opposed based on the fact that it was going to the banks) if delivered to the people as an incentive like before would have been FIVE TIMES (X) larger than the first which would have made it great enough (in size of dollars) not only to allow those who were behind (car notes, credit cards, child support, utility bills, and mortgages ect.) to catch up but also those in need (of a new car, clothes, furniture or appliances and other durable goods) the purchasing power to acquire these things.
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But the biggest kicker of all....
ALL THE MONEY THEY (the American people) SPENT WOULD END UP GOING INTO THE BANKING SYSTEM ANYWAY!!!! DUH!
The only difference being that the money would first travel through the hands of the American public (for monetary relief) before it got there. This was a no brainer! The banks would have gotten the cash infusion they so desperately needed but the common man, in turn (who ultimately will be responsible for the money anyway) would have received "something tangible" in return. Not to mention all the new "tax revenue" that would have been generated for the states from the increase in personal spending (sales taxes and the like).
But what do we see now?
Higher interest rates, tougher credit rules, freezes on credit limits! All these things that make "relief" to the common people nearly inaccessible. Banks (privately owned institutions) have gotten their hands on this money and out of fear and greed are refusing to relinquish it to anyone other than the most "credit" worthy.
I blame ALL our politicians, affiliated to any party, for not being able to see the forest for the trees.
In God we trust to endow mercy on all souls. -
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