Friday, July 17, 2009

Banks continue to record billions in profits

By Creature

I wouldn't mind the profits so much if the money made was being pumped back into the economy. The point of all the rescuing was to first stabilize the banking system, then to energize the economy, in part, by loaning out the money made.  Instead they hoarded, they padded their balance sheets, and they covered over their toxic losses with new math.

I was naive to think the banks would act in good faith.  I thought it was understood that when the taxpayer covers your ass and saves you from the cliff that maybe the banks would reciprocate.  I was wrong. Business as usual rules the day.  

They only tools the American people have left is reform and regulation.  I hope the Congress and the Obama administration have the stomach for that fight.  As of now, I doubt it very much.

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