View Full Version : Bailout Money Not Being Used to Make Loans, At Least Not At Chase
Knightskye
10-27-2008, 01:52 AM
Digg it! http://digg.com/business_finance/Banks_Using_Bailout_Money_To_Buy_Other_Banks_Not_M ake_Loans
http://consumerist.com/5068991/banks-using-700-billion-bailout-to-buy-other-banks-not-make-more-loans
Twenty-five billion dollars is obviously going to help the folks who are struggling more than Chase.. What we do think it will help us do is perhaps be a little bit more active on the acquisition side or opportunistic side for some banks who are still struggling.
I guess that's what Dr. Paul means by "malinvestment."
It's not their own money, so they think they can use it for whatever they want.
Anyway, this is the last paragraph in the article, which I thought was worth quoting:
What is the government doing to make banks use the money for loans? Apparently, jack, except for asking really really nicely. If this continues and banks don't use their government handout to open up loans, this bailout will be the single greatest ripoff in American history, and those responsible are naive if they don't think they'll have a giant bloody revolution on their hands—and I mean that in the literal sense.
NewEnd
10-27-2008, 04:53 AM
Of course. Why loan the money out, when you can use it to buy up shares in undervalued companies?
:mad:
Knightskye
10-28-2008, 12:05 PM
Of course. Why loan the money out, when you can use it to buy up shares in undervalued companies?
:mad:
Do you think people would blame the government for this? Or would they skip that completely and just blame the banks for being greedy, and call for more regulations?
smithtg
10-28-2008, 12:10 PM
WHITE HOUSE TO BANKERS....
"please, please or pretty please loan the money out so we can gobble it back up in taxes..."
bankers "we want more parties and we dont want your advice"
RP taxpayer "how much will inflation be when all that cash is loaned to all the sheeple to buy more "stuff"?
more about the story here
http://news.yahoo.com/s/ap/20081028/ap_on_bi_ge/financial_meltdown
What we're trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And banks exist to lend money," White House press secretary Dana Perino said
my question is this, do banks really exist to lend money? If we did not have fractional lending, I could get a loan from anybody with the 'money' to give it to me.
acptulsa
10-28-2008, 12:11 PM
Hey, if we're going to give them hundreds of billions to help them become The Monopoly Bank, that's our hard luck for being so damned stupid.
HOLLYWOOD
10-28-2008, 12:41 PM
First JP Morgan owns CHASE... JP Morgan is part of the FEDERAL RESERVE/U.S. TREASURY... don't be FOOLED by any other claim!
NOW, for the MEAT of JP MORGAN CHASE's statement reflect these COMMENTS:
"Read that answer as many times as you want," wrote NYT, "You are not going to find a single word in there about making loans to help the American economy."
Furthermore, a New Tax Break, allows Banks to immediately Deduct ANY Losses they that are on the books of the banks they acquire.
This is EXACTLT what Wachovia did when they acquired First Union Bank! HOW may you ask?
Well,
They had FIRST UNION Lease SEWER SYSTEMS and FOREIGN ASSETS at 10's, 100's and 1000's of times their worth, then after the acquisition, writeoff the expenses/losses of FIRST UNION.
RESULT: Wachovia received $185 MILLION from the TREASURY to acquire FIRST UNION and their PHONY DEBTS.
Of course the $185 MILLION is from the U.S. Taxpayers... but that's only the outter layer... all the other "Mergers and Acquisitions of both BANKS were done for years with the same GIMMICK.
WE the PEOPLE PAY for ALL the Banking CESSPOOL SHYT!
http://ourgeorgiahistory.com/ogh/Wachovia_and_First_Union_Banks (http://ourgeorgiahistory.com/ogh/Wachovia_and_First_Union_Banks)
http://www.brandsoftheworld.com/brands/0002/4352/brand.gifhttp://www.mccarterhiggins.com/FU.jpg
http://www.flatrock.org.nz/topics/money_politics_law/assets/wachovia_logo.jpg
Knightskye
10-28-2008, 11:38 PM
Tell people to Digg it!
It's got a chance to hit the front page.
200 Diggs so far.
Go go!
Carole
10-29-2008, 12:04 AM
Digg it! http://digg.com/business_finance/Banks_Using_Bailout_Money_To_Buy_Other_Banks_Not_M ake_Loans
http://consumerist.com/5068991/banks-using-700-billion-bailout-to-buy-other-banks-not-make-more-loans
I guess that's what Dr. Paul means by "malinvestment."
It's not their own money, so they think they can use it for whatever they want.
Anyway, this is the last paragraph in the article, which I thought was worth quoting:
Besides whatever else they are doing, they are using the money to buy up other banks in trouble.
Basically, I see this bailout money as a huge waste in bonuses to these bank criminals and a tool to eliminate as much competition as possible by buying them out with taxpayers' money.
What a joke on Americans. NOT! :(
Carole
10-29-2008, 12:09 AM
So where is all the strict oversight that bailout bill provided for if they give away the money and no one has to answer for how i8t is used?
They are saying they CANNOT force the banks to lend the money. Duh! Then why give it to them?
Oh well, it is okay if we all get screwed sic ways to Sunday I suppose. Whay are we not screaming in the streets of DC?
M House
10-29-2008, 12:14 AM
Calm down guys I'm sure the banks will atleast give everyone a free t shirt. I mean check out those sweet logos if I wore some of that nifty gear, I can guarantee my chance to score with a chick at school would dramatically increase. Seriously a guy with a Wachovia shirt=money.
escapinggreatly
10-29-2008, 12:28 AM
This is going to go down as one of the biggest debacles in American history.
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HOLLYWOOD
10-29-2008, 12:34 AM
Here It IS! BAILOUT MONEY for Acquisitions to grow BIGGER!
Financial Services Group Inc. said Friday it is acquiring National City Corp. for $5.58 billion, the first bank to use fresh investments from a federal bailout program to make an acquisition.
The deal comes within hours of PNC Financial receiving approval for $7.7 billion in cash from the government under the $700 billion government program aimed at relieving the ongoing credit crisis.
now for Senate A$$HOLE who's name always surfaces corruption/collusion...
Senator Dodd, "If it turns out that they are hoarding, you'll have a revolution on your hands. People will be so livid and furious that their tax money is going to line their pockets instead of doing the right thing. There will be hell to pay."
Felon Conspirator U.S. Senator Chris Dodd lets BANKS write legislation for Congress to pass. How there's NOT a BOUNTY on this Annoying Yakking Theft/Liar is beyond me. Any good mortgage deals this week, Dodd?
F*CK YOU Christopher Dodd!
Knightskye
10-29-2008, 02:32 AM
Calm down guys I'm sure the banks will atleast give everyone a free t shirt. I mean check out those sweet logos if I wore some of that nifty gear, I can guarantee my chance to score with a chick at school would dramatically increase. Seriously a guy with a Wachovia shirt=money.
You might want a Bank of America shirt instead.
Bank of Opportunity. ;) :D
liberalnurse
10-29-2008, 06:22 AM
So, we give them our money so they can lend it back to us with interest. Gee, Thanks.
Knightskye
10-29-2008, 06:24 AM
So, we give them our money so they can lend it back to us with interest. Gee, Thanks.
No, we give them our money so they can act like vultures and eat up their competition.
Lending Tree slogan:
"When banks compete, you win."
Heh.
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