If we can prevent the government from wasting the labor of the people
under the pretense of caring for them, they will be happy. - Thomas Jefferson


Saturday, July 18, 2009

In spite of being Taken care of

This is an addendum to the post directly following (preceding, chronologically) the next post. Read that one first, then segue into this one:

Oh, and the banks, with their near record profits this quarter STILL aren't lending money, WHICH IS THE ENTIRE REASON WE GAVE THEM BAILOUTS IN THE FIRST PLACE!
quote from linked article below (tbm)(EA):
Underscoring the need for big banks to restart lending is the saga of CIT. The ailing specialty lender needs $2 billion to $3 billion in short-term financing, according to Fortune, and is seeking loans from JPMorgan Chase and Goldman Sachs. The deal could involve a piece of the company. "The New York Post reported Friday that JPMorgan Chase could acquire CIT's factoring unit, which finances more than $50 billion of wholesale inventory, at a time of the year when the collapse of the lender could disrupt retailers' holiday plans," says Fortune. One Alabama hardware company is already blaming CIT for its bankruptcy, writes Bloomberg, which also reports that [CIT] CEO Jeffrey Peek stands to earn $14.7 million, ahead of any repayment to the government of the $2.33 billion in TARP funds, should a bankruptcy or buyout occur.

JPM and GS, In spite of announcing near record profits last week, won't loan enough money to keep it and our retailers that count on it for purchasing goods to stock their shelves for the holiday season UNLESS THEY GET A PIECE OF OWNERSHIP. If the fact that thousands of small businesses will be forced to close due to their lines of credit disappearing meant nothing to the Obama administration when considering whether or not to bail out CIT, it sure isn't going to matter to JPM or GS.
This is EVEN THOUGH WE GAVE JPM AND GS BILLIONS OF DOLLARS WITHOUT A DROP OF OWNERSHIP.

Man... I am getting pissed! I knew it was going to be hard to watch this unfold back when the government started handing out our money to private firms late last year, but this is getting painful to watch...

AND: Why the hell does yet another CEO that successfully drove the business he was in charge of into the ground, to the point of begging for handouts to survive, gets MILLIONS OF DOLLARS in bonuses?

THIS is whyipaytaxes.

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