Future of Credit

[classicman]

The administration gave these banks a SHITLOAD of money under the assertion that they would lend it out - The banks haven't done that. Instead they have increased the pay and bonuses of their executives.

Originally Posted by classicman

The administration gave these banks a SHITLOAD of money under the assertion that they would lend it out - The banks haven't done that. Instead they have increased the pay and bonuses of their executives.

In fact, the TARP funds were given mostly by the previous administration and most banks have payed in full and are lending again, but more selectively, particularly those (like Wells Fargo after buying Wachovia - just one example) still paying off the bad assets of the banks they absorbed.

And capping bonues of the execs has been proposed and blocked in the Senate.

Got any ideas how to get past that roadblock?

[classicman]

Originally Posted by Redux

In fact, the TARP funds were given mostly by the previous administration

You mean the bailout in October that Bush specifically consulted with Obama on beforehand?

"More Selectively" - C'mon. The banks haven't been loaning the money as freely as they should be. They are restricting capital to so many smaller business and cherrypicking the best of the rest. The idea was that the money would be getting back to the small business and general public through the lenders. That is NOT happening as it was envisioned.

[TheMercenary]

Originally Posted by Redux

In fact, the TARP funds were given mostly by the previous administration...

Only half. The rest were controlled by the Obama Administration. Nice try to deflect responsibility.

As of February 9, 2009, $388 billion had been allotted, and $296 billion spent, according to the Committee for a Responsible Federal Budget. Among the money committed.

Of a total of $700 billion.

http://en.wikipedia.org/wiki/Trouble...Relief_Program

[tw]

Originally Posted by TheMercenary

Only half. The rest were controlled by the Obama Administration. Nice try to deflect responsibility.

Then why are you blaming Obama 100%? What openly promoted and encouraged Enron accounting? Obama? Hardly. Who got stuck for eight years of wacko extremist spending?

Who surrendered Afghanistan to the Taliban? Who invented a lies - "Mission Accomplished" - leaving massive debts still to be paid? Who subverted the SEC even in 2001 - the Harvey Pitts testimony before Congress even refusing to accept any money to hire investigators - to all but protect Maddof, et al. And then who had to start spending massive TARP moneys to save America from their economic mismanagement and tax cuts to the rich? Let's see. Their political agenda. Same people said, "We want Obama to fail."

So let's blame Obama for all of it. At what point do those who most supported George Jr demonstrate the same level of competence? Blame Obama rather than apologize for being so wrong and so destructive to America. Another Limbaugh (and Hitler) propaganda technique. Cast blame elsewhere.