Remember that $700 billion dollar financial bail out?
Guess what?
None of the banks want to tell us where it's actually going.
http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/meltdown_secrets
Why is it if the banks loan us money they want to know exactly what we're going to do with it, but when we loan them money, they won't tell us a damn thing?confused
Your tax dollars hard at work...doing something...somewhere...doh
[question posted by myklj999]responses and comments:
hello there... well, i really have no idea where the money goes because i'm not living at america so i can't know what is exactly going on there... but i saw some news that they reject the bailout plan for the auto car makers... well, this is going to be very bad if general motors and ford falls into bankruptcy... i hope they will bailout the auto car makers soon... [Kumaresan]
ARGH! this is friggin maddening! wait wait..look at this part here from the article, "But there is no process in place to make sure that's happening and there are no consequences for banks who don't comply." THEN PUT SOMETHING IN PLACE FOR HEAVENS SAKE! jeezu they say its a work in progress but come on, isnt this EXACTLY the kind of thing the opponents of the bail out were worried about?! i wonder how many golden parachutes have been deployed? you KNOW they are doing that, otherwise what other reason to not be willing to say where the money has gone? unless of course its being spent on the exact same stupid business manuevers it was that got them in trouble in the first place! im laying this here shiny quarter on the reason being because they are doing something OTHER than what the money was intended to be used for! keep in mind thats an awful shiny quarter and its the only damn thing i have in my purse right now! [CinderInMySoul]
Anyone who loans that kind of money without condition (considering it's supposed to help them keep afloat, how they use it should DEFINITELY have a condition), is like the fool in "a fool and his money". But, considering the source (the Executive and Legislative branches of Federal government), it's no wonder. The financial industry has Jupiter-sized balls, far and above moxie because moxie implies an almost admirable quality, but a gall the level of which only the greediest, most self-serving could ever project. Let 'em fail!! angry angry [jerzgirl]
That's 'cause she recognizes lyrics. I tend not to. I remember fragments of songs unless for some reason they become very special or important to me. When they're playing, I'll remember the words, but out of context, I won't. [jerzgirl]
It's a complete violation of the terms of the bail outs and the public trust. If the Do Nothing Duo of Pelosi and Reid aren't going to do anything about this then they show just how worthless they really are. The Democrats have accused Bush time and time again of paying off his buddies, but the fact is, Bush can't spend a dime of federal revenue. These bail outs are NOTHING but Democrats paying off their buddies. They aren't about the economy, saving jobs or anything else. They are corrupt politicians handing out trillions and nothing more. [ParaTed2k]
Uh - I am quite sure that the money is not going out to help us in any way. because of: http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/executive_bailouts I can somewhat understand the reasoning for not discussing fully, or if they told everything, it would be an invasion of privacy, such as mentioning who borrowed how much & for what. However, like a previous responder said, when ever we want to borrow money from some financial institution, we need to tell them what we need the money for. They should be required to report what they used the money for being that it's our tax dollars. I would not be surprised if we get more news about these bank CEO's & certain high-ranking executives taking private planes to vacation resorts. [KrazyKlingon]
Didn't you KNOW? It all came to my bank account and I will be using it to keep you in those white covered cookies for the rest of your natural born days! Aren't you excited, aren't you glad that money will really GO to YOU? [Irishfrndly65]
I wouldn't be surprised if the money went offshore along with all the other money they've tucked away to avoid US taxes. Which would be why they don't want to tell where it is. But, I swear, if they don't pull their Licenses to operate soon, the greed and avarice will only get worse. I hope we find out they've sent it offshore. What an easy way to make billions and then to earn interest on those tax free billions!! At that point, they should be shut down, all liquidatable assets confiscated from all executives and corporations, and they should be forced to scramble for a buck like the rest of us. Screw them all. Let 'em fail! [jerzgirl]
This whole situation has been double-standard BS from day one. And when the cold hard reality of paying back the $700B REALLY hits the back pockets of the average consumer, guess who will be the ones refusing to help "Joe Citizen" financially unless they jump through hoops first? sad The entire scenario is ridiculous. [James72]
We're having a similar situation here in the UK. The banks have had an enormous bail out, but they are hitting people with cashflow problems with enormous bank charges. My daughter was charged £100 extra in two consecutive months when her direct debits took her beyond her overdraft limit by a couple of pounds for just a few days. And anyone who's lucky enough to have savings that are still intact have had their interest rates drop to close to zero in most cases. [jakill]
hold on a sec, let me look......... *looks under couch cushions......ooooh, 27 cents!!!* *looks in toilet tank.......there's that bottle!!!* *looks under dog........didn't you die like 3 years ago.....BLECH!!!* nope..........doesn't look like they sent me any.angry well, i know a few bank branches went belly up earlier this year........perhaps they loaned it to themselves!!!surrender [sconibear]
yer welcome....... 4 weeks later! [Little_Stormy]
The end of middle class. There are rich and poor only. This country is ready for revolution. I saw protestants on Saturday in Chicago..... Imagine this, you are out of the house, but in 10 years you paid $50K in taxes. If the house is not yours, do they give you taxes back? or interest you paid? Property taxes is the biggest scam. Bank supposed to pay taxes as long as the loan is over 50% of the property volume. Hard to believe how we were screw with the bailout deal!!!! [polachicago]
I know where the money ISN'T going... to consumers! NOBODY can get a loan anymore... We had a very strong construction company that recently went belly-up because people can't get loans for homes, home improvements, etc.... It's not that people don't want any work done... my husband sold a TON of jobs, but nobody could get financing for the projects. This isn't just our company, either... the entire construction industry around here is at a stand-still. There was something on tv the other day about all the bank executives and their HUGE Holiday bonuses. I can't remember the numbers exactly, but they handed out litterally BILLIONS of dollars! - If I were running a bank that performed so badly that the government had to bail us out, I DEFINITELY wouldn't be expecting a bonus at the end of the year! But they got them anyway! That's so messed up! [stejhas]
Everyone is complaining about Madoff, but I think we've become victims of the biggest Ponzi scheme ever. [irishidid]
Well I am happy that you brought it up, becuase it is realy bohering me a lot. When those banks deal with us "customers" they just pretend to give the best service and they do not waste any time helping you if they are not assured that they are gaining money out of it, and I am not against it because this is business. BUT why is it so that we must help them now after they screwed up, why did not they figure out som plan to aid them in such an emergency situation instead of paying millions of dollars as salary for their CEO. The only conclusion that I can get to is that we help them to go through this crisis so that they can continue to suck our blood as they used to do [randy80]
this is realy disgusting.I hope the are nt operating their own stock using dat moneyw00t...gov shud take immediet action on this issue.Its our right to know what they are doing behind curtail. [piya84]
What? This was just a loan? I thought it was a very generous gift by the people who can't afford to give it, to the people who don't really need it. And you want what?w00t You want to know how it's being spent too?w00trasp [BCMike]
Hi myklj999, Well that is the goverments for you and you have no right to ask of couse but you have to tell them everything about where your money is going to, and that is a cheek. Tamara [tamarafireheart]
hi there, the money goes in the medium............ many things can't be explain coz there this something wrong [totoback]
That is a very good question and a question that should be on a lot of Americans minds. You can never really trust these fat cat business owners with all of that money. It really frustrates me though because like you said, we're very trusting and work with banks every day when it comes to loans. But of course, we are left in the dark once again. The government seems to keep doing this and it's got to have every american on the tip of their toes, filled with anger. Thanks for the post Myklj999 and Happy Mylotting! [TrayBlaylock]
Well, Myk, it's good to know that my tax dollars are doing someone, somewhere some good. I heard on TV today that "them which got the gold" got the answers, but they ain't answering. So God knows where MY tax dollars are going. I need a BAILOUT! Memo to self: Government can play with us, without any fear. But let US try to play with Government (by not paying OUR taxes) and our *sses are grasses! Tain't nuthin' appealing about a green arse, is there? (C) 2008 RJScott [rjscott]
Well I looked in my bank account and didn't see anything different, so i presume it didn't go there, but then I'm figuring it hadn't made it to there yet..maybe its on the way and then i can save some of it for a nice trip to Illinois..wub [Rosekitty]
He's a cutie..treats me special and I'm saving myself for him wub [Rosekitty]
HI Myklj: Great question indeed; Pfftt! It sure isn't helping out any of us that need a hand; These giants aren't going to tell where none of that money is going; I'd like to declare all of my debts and could use a "BAILOUT" myself do you think the government would help or care? Hellll no!! Its a daily struggle to "get by" on Disability or even those that are still holding down their jobs, we all need a "bailout" but we aren't gonna get any help; Only the rich get richer!! And the Poor get Poor'er...( good English I know) but you know what I mean; I'd be tickled pink to get an extra $100.00-$$$$??? anything ya know? It all just gives me a migraine to read about it, to hear it on the news all day long every day... [dreamweaverjan]
Where the money went is nowhere, because it wasn't there to begin with. So we printed it, it was all economic voodoo and wizardry signed off on under dire warnings of doosday scenarios and threats in private meetings of martial law. This was the largest heist and power grab in american history since the creation of the federal reserve and anyone who put their signiture on that abomination of a bill is a criminal in my book. [xfahctor]
a little over simplified, but still pretty acurate. [xfahctor]
The taxpayers should demand an overhaul of the SEC and make it accountable to congress. There needs to be more government oversight of the US banking and financial system. Anand http://www.conservative-voice.com [AnandMohan72]
Delicious. Bring on the socialism. Centralise everything. CONTROL everything. [p1kef1sh]
Well it is a government transaction, so it wouldn't be for everyone to see, which is wrong. Any government action or transaction should be transparent and data are readily available for the constituents to see. [heero1103]
Why does that sound soooo American? Isn't that a little unaccountable? Isn't being accountable what banks are supposed to be all about. How can you not think or suppose there is skullduggery going on? I'd be making some more noise about it, ring up the big TV stations and put it to them, this is a story for you, where is the money going,"OUR MONEY"? Especially when they are holding the car firms over a barrel for the same thing. American government is seemingly as corrupt and full of BS as the Australian government. :-) I live in the corrupt country of Australia, but it is not as bad as what I perceive happening elsewhere. Luckily there is a lemon Tree in the back yard for me to suck on.. [VKXY62]
You've not seen the British Government yet! Want to see how how much Cow Poo a people can take. Welcome to Britain. We'll watch you, censor you, TAX you, harass you, arrest you, Jail you and do it all for your own safety. Utopia! [p1kef1sh]
Just how do you expect houses in the Hamptons to be maintained. Would you deny a wanker, whoops, a banker, the opportunity to take his family on their holidays to the Virgin Islands, South America and skiing in Europe (no snow but so much more classy than Vermont) without their bonuses. Look man, all they did was get our nations into a little bother, no big deal. Now the least that we can do is help them out. Buddy can you spare a dime and all that. Sheesh Myklj. It's OK for us hoi polloi to live untroubled by material excess, but we're talking Ivy league and Oxbridge here. Now please get real, I think that there's a sale on at the Dime Store, got to get there and beat the rush. [p1kef1sh]
It is an interesting question. i really never thought about this. I guess that banks try to invest money in order to gain better revenues. But I don;t think that they are bound to tell its clients in which companies they are investing. [ronaldinu]
Yes, but we are talking about 700 billion dollars that the US government is loaning banks that are financially troubled; and then the banks won't say what the money is actually being used for. These are banks that give their executives millions of dollars as bonuses for doing their jobs correctly; which evidently they are not doing their jobs correctly or the banks wouldn't need money from the government to stay solvent, would they? [myklj999]
I just read the article that you are referring to in this discussion and it scares me as I came to this conclusion: You can't manage what you can't measure. In other words if the money isn't be tracked then the banks can't properly handle it and it is possible that they will lose it rather than to use it properly to keep them out of trouble. It's no wonder that our nation's financial institutions are in such trouble when they don't know how to watch where the money goes. [keithstieneke]
i think they should account for every last cent they are getting. that's total bull that we are expected to bail their overspending butts out without even knowing what they're spending it on.which is most likely goodies for them. [scarlet_woman]
Didn't you know that the banks and bankers rule the world? They can demand a taxpayer induced bailout and do whatever they want with the money and you and any government has absolutely no say in the matter. [6precious102]
It's pretty normal thing not to tell you since these are probably confidential businesses. However, it's interesting how much money is spent for wars and nobody ever cried out loud because of that. Everybody will say it's necessary because we're fighting bad guys, when in fact it's just a pretense to install your companies and spread privatization and power to countries where culturally and morally that's no acceptable. [neuronic]
Offshore accounts. Who's is going to invest here anymore?! The whole bail out crap is a scam. We are just cashing those money orders from overseas. We will be the ones to pay for this! [laglen]
Well I know what I would have done with such a wind fall with no strings. If I wanted to keep my bank alive, I would use it to prop up the bottom line, know that my stock holders were the most important item in my debit column. What a stupid, stupid for our government to do. Fear robs even these stupid lazy people of their last brain cells. [savypat]
Corporate Jets... Flying over... to the Caribbean... For some "Business-related" pleasure. [SaintAnne]
I know that some of our money is actually being used to fund bringing sharia (islamic) law to the United States! AIG (famous for spending a half a million dollars on a luxury retreat right after getting their bailout money) is now catering to islamic interests: http://www.mylot.com/w/discussions/1844690.aspx?p=0 [MSV1313]
Also, a billion or so of it went to the execs of those failed companies. [sndcain36]
The responsibility for this rests solely with the geniuses who set the guidelines for the bailout, myklj. They made it easy for them to thumb their noses at anyone who dares to question where all that money is being spent - or not! No oversight. It's business as usual.doh [worldwise1]
The bailout should have had a disclosure clause... [dawnald]
Kind of makes you wonder if they're doing the same thing they did when they lost it in the first place. [bestboy19]
Because the government controls us and we can't do anything about it, whether we like it or not...some land of the free, huh?sadsadsad [camomom]
Never fear, that money is being put to good use - paying their execs their huge bonuses, paying for fancy spa vacations, you know, stuff like that. I guess it's the Treasury Secretary Paulsen we should be asking. Wasn't he the one "in charge" of passing out the cash? Annie [anniepa]
I still say who ever put their signiture on that treasonous legislation is no longer fit for public service. Where is the outrage? I see a lot of typing going on but why are washingtons streets not filled with torch light and masses of people? Seriously, what is it going to take to wake this country up? this "bailout" is just one thing, there are hundreds other things equaly appaling and yet still, even with the verbal and written protests in the media and online, why are people not filling DC's streets over this. [xfahctor]
Me thinks the money is going into those CEO's pocket to line it further so that they can continue to live liek Kings and enjoy their lavish lifestyles. thumbdown [gtdonna]
I can agree with that. Seem like we the taxpayers need to continue doing that to support those special human beings in corporates America for many more years after a new administration come into place on Jan 20th. [lampar]
We will hear more and more about where it has gone when it is not such a hot topic. Sometime, a report will be released itemizing that $700 billion, but it will be a slight mention, as something else will be big in the media. [UtopianIdealist]
Nobody know how the bank and insurance corporation got the billion dollars handout do with the money, it is not require for them to tell congress or any lawmakers where it is or how the company decide to spend them, it is very much everyone guess and chances is most of it will go to executive golden parachutes and compensation as usual, tax payers got screw again..... [lampar]