Thursday, February 19, 2009

Now That We Own Some Banks...

This whole bailout "thing" has got me a bit pissed off. Never mind the fact that the presses are working overtime to print money we don't have to give it to companies that have such inept (and greedy) management that they "managed" their companies into the ground and took the economy with it... no, the real thing that gets my goat is the fact that NO ONE seems to know where this money is going.

A perfect example is the $42 BILLION we gave to Bank of America and Citibank. Just handed them the cash - and walked away - "trusting" they would do "the right thing" with the money.

What the ??

We didn't even insist they fire the management. There were "no strings" attached to the money whatsoever. So, now, let me get this straight: we (the taxpayers) have given $42 BILLION to 2 banks... oh and guaranteed another $412 BILLION to cover their losses... and we got squat in return?

For just the $42 BILLION we could have bought ALL the common shares of Bank of America and Citibank about 4 times over. ALL of it.

Instead - we hand over the money - and allow them to keep the same idiots running the place that got them into this mess in the fist place?

Yeah! Great plan!

At the very least we (as taxpayers - and the government as our representatives) should INSIST that the Board of Directors be removed - if not the entire management team. "But... but... but... it will shake things up if we do that - they know how the system works..." - yeah, my ass!

They know how to play the system, cover up losses, hide questionable loans, all for the sake of their stock options and bonus pay. THAT's what they know how to do. There are PLENTY of other very smart, very capable, very responsible, very knowledgeable people in the world that can run those banks.

And just where the hell are they putting all the money? Good question. NO ONE KNOWS. There is ZERO accountability for using OUR (taxpayer) money. They could be buying back stock or stuffing it all in a mattress for all we know.

Since we (unofficially) "own" those banks - it's time they come clean on where the money is going. They should be forced to have 100% transparency on where every dime of that money goes. They should be forced to remove their management and/or boards - and they should be held accountable for their own damn losses.

Now the Obama money-printing-factory wants to print up ANOTHER $75 BILLION to keep people from going into foreclosure. That's a good idea. Make SURE that their debts are 100% forgiven - and let the people keep their homes.

DO NOT just hand banks money and not demand anything in return! Does no one in Washington understand how business actually works?

Oh and by the way - how about MY bailout? Where's MY no-strings-attached money? Screw the banks and the car companies and give every American who PAYS taxes a Visa card with $100,000 on it - and make it good only for 90 days. They can't get cash with it, they can't use it to pay off debts - they have to spend it or lose it.

You want people to spend money to get the economy going - that's the way to do it - NOT giving BILLIONS to huge companies who don't care and who, left to their own devices, will be back with their hands out in another 6 months.

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