The Time Has Come To Start Throwing Bankers In Jail (that includes bank presidents -CEO's and board members)!!
Today, the US Federal Reserve Board lowered prime lending rates to 1% in an attempt to kick start the economy by putting cheap money on the table and available for loans. HOWEVER ... the banks are sitting on their hands and silently hoarding cash that they refuse to loan at low rates.
Here is how 'free-enterprise' is working today:
The US Government has given $700 Billion TAX DOLLARS (that's money from the people) to the banks to start lending out in order to stimulate the economy. The banks have taken that money and are now sitting on it ..... why? Because they are GREEDY BASTARDS and don't like the low interest rates. They want to use tax money to make their next fortunes with! (H/T to Mound of Sound!)
"The White House press secretary said that banks and other financial businesses that have received federal bailout funds need to quit dragging their feet and start making loans.
“What we’re trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And banks exist to lend money,” Perino said during a press briefing Tuesday.
The Bush Administration agreed earlier this month to set aside $250 billion of the $700 billion financial bailout package approved by Congress. The federal government would then use the $250 billion to buy shares of banks and other financial institutions in a move designed to bolster confidence in the industry so that the frozen credit market could thaw.
But while many banks have agreed to take billions in federal funds, the White House says that financial institutions have been hoarding the money."