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Ear to the Ground

A Non-Rising Tide Lifts No Boats

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Posted on Feb 18, 2009
Robber Barons
icsd.k12.ny.us

The dapper and mustached robber barons of the 19th century share something with our contemporary banking elites: great fortunes amassed through corrupt and unfair business practices.

The rationale of the TARP bailout’s “capital-injection program”—providing banks with capital that will increase loans to consumers and businesses—has apparently been forgotten by the 20 largest banks that received TARP money. A Treasury Department survey has found that lending in the last quarter of 2008 was stagnant, or even slightly declined, despite $250 billion in capital-injection funds.

The Wall Street Journal:

Some of the largest recipients of aid from the government’s $700 billion financial-rescue plan didn’t increase lending to consumers and businesses in the last three months of 2008, the Treasury Department said.

A Treasury survey of the 20 largest banks that have received funds through the government’s $250 billion capital-injection program disclosed that lending in the last quarter of 2008 was stagnant or declined slightly.

“Due to decreasing loan demand and tighter underwriting standards, as well as other factors such as charge-offs, or losses written off on loans, banks reported a general trend of modestly declining total loan balances,” the Treasury said in the report released Tuesday.

The survey, the first in a series of monthly reports the Treasury will release, is the most detailed picture yet of what the largest U.S. banks are doing with the billions of taxpayer dollars they have received through the Troubled Asset Relief Program.

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By Ivan, February 25, 2009 at 2:26 am Link to this comment
(Unregistered commenter)

There is a sick feeling in the stomach about these greedy criminals being bailed out. It’s ridiculous. Why are they being rewarded for screwing up the whole country with their nauseating hedonism?

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By felicity, February 19, 2009 at 12:41 pm Link to this comment

A non-rising tide raises no boats and, as a matter of fact a rising tide doesn’t raise all boats - in spite of Reagan’s delusional assertion that it does.

Living on the Pacific ocean as I do, I have yet to see the rising of thousands of sunken boats when the tide rises. 

It’s tragically amazing that a small cabal of financiers and politicians who’ve been running a con game in this country for years can continue to con millions of people into believing that just give them a little more money and…

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By Purple Girl, February 19, 2009 at 8:01 am Link to this comment

They are frantically refilling the Holes they have yet to admit- At best. More likly they are shoving as much money as possible into their off shore accounts before skipping out.
We gave Citigroup 300 billion, then why are they socking their customers (the same taxpayers footing the bill) with ever increasing Default rates on their credit card accounts? Double dipping or just straight up Extortion? Aren’t there RICO laws on the books that apply to this Loan sharking? some of these Credit card Organized Crime syndicates suddenly jacked up their rates just prior to the ‘meltdown’- forethought, Knowledge and malice?their increasing rates to astronomical amounts even on customers who’ve been paying their bill on time. Is their intent to send US into a depression. Higer interest rates guarantees we Will not be spending anymore, and increased rates means we won’t have any extra money to buy even without credit! Sounds like Economic Treason to me.
My Mortgage is fine, but my credit card bills- racked up after 8 yrs of income stagnation and depletion, just trying to make ends meet- are killing us!
It’s wonderful that the Admin is addressing the Predatory lending practices used on home buyers, but they are forcing many of us to consider skipping mortgage payment to pay off the Credit card Corps Guidos, before our min payments exceed our mortgage payments. path of least resistance, and least detriment in the future. Far more lenders will take mercy on those who went through foreclosure, but will persecute those of us with credit card defaults.
theres a couple other areas of Embezzlement and extorition the Admin must address to rectify this finncial heist- what they have already stolen and what they are continuing to steal.
Far more Frustrating (and short sighted) is the fact many of US have accounts which we can not access because these SOB’s don’t want to deplete their gambling funds- Give US our money in those pension and annuity funds!No strings attached just like the TARP funds we gave YOU! I am sickened every time I watch the Wall street Boo Woo-O- Meter dive down during Policy announcements- shut the dame trading down on these announcement days- you’ll save Us all alot of money we have no control of or access to withdrawl! Not only have my accounts ‘Fallen, and can’t get up’, they’re literally being held hostage with a sword at the back of their neck!
Either WallStreet won’t give US our money, or they Can’t give US our money- Both reasons are criminal!Give US our money- we pay our mortgage and credit cards- helps the banks; we Pay our utilties - helps the Incs:we pay our Taxes (on income & the property we still own)- helps the States & Fed.We buy food, clothes, fuel efficient windows,furnances etc- helps prodcuers and retailers.Creates and maintains Jobs DUH!!!!
Repugs, Wall street and Multinationals HATE US and have been working very diligently for the last 3 decades to Destroy US! No other explanation makes sense!

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By Spiritgirl, February 18, 2009 at 3:18 pm Link to this comment

Come now - did you really think that after all of the shenanigans that have been going on - these titans would do anything other than throw themselves a party with that money!  Did you really expect them to, I dunno - lend money?  Be realistic!

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By tomack, February 18, 2009 at 1:15 pm Link to this comment

And you expected….what? Candy cane parades, the rich throwing money at the poor, or two chickens in every pot?

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