I agree, here will be the chant when things don't improve after we spent 8 trillion. Just think how bad it would have been if we did nothing.
Actually, the people who want the banks to get the TARP money: 1. Like socialism/communism 2. Don't believe in free markets 3. Believe in rewarding failure AGREE! The rest of you clowns, pull your head from outa your Arse. Do you really believe that the TARP money is going to save the country? Did you not just read Fith Third Banks report. That "Banks are not leading but hoarding the cash". The "Depression" will have to take its course. Nothing anyone can do to "Stay" it off.
The first money was released and unaccountered for to date,it will probably be swept under the rug,i think it is smart for them to decide where the money is going first
Since you feel this way and are soooo smart, why don't you go ahead and donate your earnings to TARP, making those who oppose it not liable. The only people I know who support this are: 1) Getting a piece of the bailout 2) Scared morons who have no clue about anything and trust mainstream media to tell them what to think (Hmm sounds like you)
1. Every American is getting a piece of the bailout. This Tarp money is keeping countless of people in jobs that would otherwise disappear. (I'm not saying no one is losing their jobs right now) 2. "Scared Morons" are the people who listen to the media and say TARP is a bad thing and that they are using taxpayer's money. Remember that the depression happened when the government stopped giving money out and let companies fail. 3. I already give my hard earned money to the TARP. Because I pay taxes. You said you would like to just have "morons" give money "Making those who oppose it not liable". Hahaha thats hilarious. Sorry, but this is a country of over 300MM people. If you want to opt out, you can move.
I thought the way Banks worked was when they make a bunch of bad loans they went out of business. I didn't know they just got fresh money from the government.
That is my point. Many people don't know how banks work. When banks make bad loans they never go out of business. They just get acquired by another bank that is healthier. Thats what people don't realize, they think banks go out of business like your mechanic down the street. They don't. A stronger more capitalized bank takes it over just like insurance companies. Because there are not many banks that can do this in this environment, the government is helping the "strongest banks" take over the weaker ones
A great way to think about this is to think of it this way Bennigans 1. its fails 2. everyone gets fired 3. things get sold at fire sale prices Circuit city 1. it fails 2. everyone gets fired 3. things get sold at fire sale prices Linen N' Things 1. it fails 2. everyone gets fired 3. things get sold at fire sale prices This is unlike banks 1. it fails 2. Top executives get let go 3. everyone else is retained 4. it literally closes on Friday...gets acquired that night and reopens on Monday as a branch of a stronger bank