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Don McNay: Credit Cards In The World of Taxpayer-Owned Banks

The American people ponied up $700 billion to supposedly bail out some big banks on Wall Street. So far, we have not seen the banks what banks are supposed to do, lend people money. Instead they are doing the thing that Wall Street raiders do, take over other companies. PNC and Fifth Third were the first banks to make deals, backed by taxpayer dollars.

Bush and Paulsen encouraged bad behavior in their bailout bill. They gave big banks money and tax incentives to gobble up small banks. They made sure that their buddies on Wall Street were taken care of.

Most big banks didn’t need bad behavior encouragement. They’ve been able to do harmful things long before the government started subsiding them.

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Written by mrcauser

November 2, 2008 at 8:31 pm

Posted in Uncategorized

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