A new report out of the Treasury Department Tuesday confirmed what many lawmakers, housing advocates, small businesses and individual consumers have known all along: That despite hundreds of billions of dollars flowing from Washington to the finance industry, bank lending among recipients of the Troubled Asset Relief Program fell in the last three months of 2008.
Among the 20 largest TARP recipients, median mortgage and business lending both fell by 1 percent over that span, Treasury found, while median credit card lending rose 2 percent, reflecting greater reliance on existing credit lines by consumers.”
The findings were based on a survey of the 20 banks receiving the most federal help under the TARP, and mark the first in what will be a series of monthly reports analyzing the lending trends among bailed-out banks.
Not that those banks have been particularly forthright about where the money’s going if not toward lending. In December, The Associated Press asked the 21 top TARP recipients to specify how they’re using the funds. The AP reported Tuesday: “None would provide any specifics.”
I find it funny they call it "dollars flowing from Washington," as if this isn't pretty clearly "dollars flowing from the American taxpayer." They won't tell us what they did with the money, and they won't loan it out, which is what you give the fucking bank money to do.
Aren't you 20 percenters really happy with the situation Bush left the United States of America in? Even the most die hard Republican on my office floor throws up his hands every time he sees me (this after arguing with me once in the elevator about how Bush was going to get those terrorists and the merits of America not really having to have the big nations as allies in our war on terror [cough cough, Iraq cough, cough]).
2 comments:
How often does one agree with Donald Trump? But Trump nailed it on Letterman last night, noting that he had just put together a deal with a smaller Jersey bank but probably couldn't get loans from big banks. A few years ago, he said, he'd ask for 400 mill & & they'd force him to take 600 mill just to increase their commissions, & then they'd turn around & sell his debt to a bunch of other banks.
I totally hate Trump, but what you said above is the truth, damn it! And he spoke it, again damn it. Money people forced money on rich people that didn't need that much, and made bigger commissions, sold the worthless extra money and original money to idiots, and now TAXPAYERS have paid to keep this system up and running.
My head spins just typing this, and no, it's much to early to blame it on booze!
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