Remember that plan of Treasury Secretary Paulson to give the banks money directly, so they could unfreeze the credit markets?
Seems that the banks are not going to lend that money. Rather, they are going to sock it away and sit on it. So what was the point? We could have let the banks fail and taken them over for that money. Or by buying voting stock, we could have stacked the board of directors.
But no. They are going to sit on our cash as though the banks were being run by Scrooge McDuck.
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3 comments:
I'd love to say I'm surprised.
Might have to make the donations dependent upon the banks using them for loans. There has to be a way.
I'm not surprised either. My position, right from the beginning of the bailout discussion has been, fuck them! If we dont get serious equity stake and executive control, dont give them the bailout. This whole doomsday scenario was way overplayed anyway. Sure, things would have been rough for a short while---but the 'credit markets' fucking moneylenders/loansharks. What are they gonna do? Not lend anymore? And get a real fucking job? For how fucking long? Or take their money to another market? seriously? If they could get half a penny more out of another market they'd go anyway.
So I never saw the wisdom in bailing out the fuckers. Shoulda made them jump and started over. Dammit, I hate to robbed. Especially when I can see it coming (and happening) in slow motion over eight years.
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