Really? You mean to tell me that in the 400+ pages they wrote to get the bailout approved, they failed to put in a “use it or lose it” clause? They actually just gave the money to the banks with no pre-conditions and trusted them to do the right thing? How is this even possible? Maybe because no one actually got to read the damned thing before it was jammed down our collective throats.
My God, you might as well set a box of donuts in front of me and say, “Now Tannerleah, these donuts are not for you, they are for the other fat people”. Sure, I will nod my head as if I am on board but I shouldn’t be held responsible for the results. I don’t want to eat the donuts, I have to eat the donuts. You might as well have the crackhead hold the crack but tell him to save it for the others. Ain’t gonna happen.
Which brings us back to the banks. Let’s see, they can hoard the money and make sure that they can take fancy little trips like AIG and make sure there is plenty in the till for their big bonus checks OR pay off debt and get their business healthy. Hmmm, what to do? Of course they are stealing the money you idiots!!! It’s how they got in to trouble in the first place. Why in the world would you think they have all of the sudden found intelligence?
At least PNC took their money and tried to do something smart with it. They went out and bought another bank, National City. What’s that Senator? That’s not what the money was meant for? Gee, we didn’t get that e-mail.
This is why the bailout was such a terrible idea at every level. You had to trust the very same people, who have shown no ability in the past, to miraculously turn around their thinking and perform in a completely different manner. If you ever watched a TV special about lottery winners, you would understand it just doesn’t happen. Invariably, the vast majority of lottery winners are broke again within 5 years. Why? Because they don’t have the skill set to manage such large amounts of money. They want to keep their money, they just can’t make it happen.
So, as an American taxpayer, I am asking the Fed Govt to take back the money they have been giving away. You gave them a chance and they blew it. Now they can go belly up one at a time and those that are responsible will survive and the rest will parish. That is just the natural order of things. (And if you want to give me any of my money back, I would be cool with that too).