Monday, October 19, 2009

those arrogant banks...

so the banks receive the mother-of-all bailouts in the form of free deposits, usurious interest rates and fees, hundreds of billions of tarp money, hundreds of billions of government backed debt, and manipulated accounting rules, and how do they show their appreciation?

of course, they fight every piece of reform legislation out there; consumer protection, off balance sheet liabilities, size restrictions, reporting improvements, etc. and worse yet - THEY REFUSE TO MAKE LOANS!

when will the cowards in this country's financial leadership wake up to the face that banks can raise private capital? when will the pols get that no bank should be immune from free market forces including the privilege to fail, debt holders and all.

i do get saving the banking system in the crisis. what i don't get is how the feds ignore what is happening now. maybe geithner meant it when he said the banks should raise private capital on friday. but the feds show little willingness to not coddle each and every financial institution in this country, including the most incompetent...

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