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Banks admit bailout will not work

david_mcmanusdavid_mcmanus
edited October 2008 in The Economy
http://finance.yahoo.com/tech-ticker/ar ... -Wont-Work

"A few days ago, when Hank Paulson called the heads of the nine families to Washington and shoved cash down their throats, he announced that the banks would use this new taxpayer cash to lend. They won't, of course. They'll hoard it like a starving family who has just been given a grocery cart full of food."

Another one...

http://www.iht.com/articles/2008/10/17/ ... 17bank.php

Thanks, Congress!!!!!

Comments

  • rose-colored-coolaidrose-colored-coolaid
    david_mcmanus wrote:
    http://www.iht.com/articles/2008/10/17/ ... 17bank.php

    From that article.
    As two financial giants, Citigroup and Merrill Lynch, reported fresh multibillion-dollar losses on Thursday, the industry passed a grim milestone: All of the combined profits that major U.S. banks earned in recent years have vanished.

    Um...wow. Also
    Since mid-2007, when the credit crisis erupted, the nine largest American banks have written down the value of their troubled assets by a combined $323 billion.
  • jonjon
    They still have no idea what they are doing

    http://biz.yahoo.com/ap/081025/meltdown ... ilout.html

    They are doing such a great job with this, we should let them take over health care too.
  • SeattleMooseSeattleMoose
    "As two financial giants, Citigroup and Merrill Lynch, reported fresh multibillion-dollar losses on Thursday, the industry passed a grim milestone: All of the combined profits that major U.S. banks earned in recent years have vanished."

    Everything was just smoke and mirrors except for the record pay and bonus checks that Financial/WS executives paid to themselves during this time using their "Mainstreet Credit Card". You know, the credit card that only Financial/WS execs can obtain:

    1) No cap
    2) No fees
    3) No payment until 2009....so buy now (them) and pay later (us)
    4) Guaranteed that the government (Goldman Sachs Paulson) will not prosecute

    But hey, I guess since these guys provided so much VALUE to our society relative to nurses, teachers, firemen, police, etc......that they deserve to be paid orders of magnitude more money than we mere mortals will make in our entire lives.
  • SeattleMooseSeattleMoose
    One last thought....

    "Leona Mindy Roberts Helmsley (July 4, 1920 – August 20, 2007) was a billionaire New York City hotel operator and real estate investor. She was a flamboyant personality and had a reputation for tyrannical behavior that earned her the nickname "Queen of Mean." That image of Helmsley was sealed when a former housekeeper testified that she had heard Helmsley say: "We don't pay taxes. Only the little people pay taxes ...", a saying that became notorious and identified with her for the rest of her life."

    I would like to take some poetic license with the deceased's most famous line.

    "We don't pay taxes. Only the little people pay taxes...and are held accountable for their financial transgressions"
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