Which Way Did It Go...

WASHINGTON – It's something any bank would demand to know before handing out a loan: Where's the money going? But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending the money or they simply refuse to discuss it.

"We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,'" said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. "We have not disclosed that to the public. We're declining to."

Banks are not telling where the money is going.  I thought this was weird; it's kinda weird right?  I bail you out of a jam with cash and you don't have to tell me what you're doing with the money?  "Hey Randy; I need 5,000 dollars because my home has a roof problem."  "Okay here's 5k."

"So did you get that roof fixed?"  "Uh not yet!"

"Are you working on it at least?"  "Uh you don't need to know the accounting on where I spend the money you loan me.!"

If that conversation makes sense; then by all means keep it coming.

But no bank provided even the most basic accounting for the federal money.

"We're choosing not to disclose that," said Kevin Heine, spokesman for Bank of New York Mellon, which received about $3 billion.

They are choosing not to disclose.  Probably will show that the CEO has two or ten new cars and jets; and his daughter just got the biggest sweet sixteen party thrown for her...

I guess this is what the people want.  The Feds have been sticking it to people in the past; the banks are just getting them back (with our money) for us.  Way to go Banks.

Randall Watson

Chicago Funnies

Failed Financial Crisis!

As many of you have seen on the news concerning our nations financial crisis, George W Bush's 700 Billion dollar blank check; excuse me; bail out was rejected by the House and primarily by republicans. Obviously this bill has many loop holes in it that is either not good for the men and women who voted or they were actually filled with integrity and thought it not good for the people.  

This is an excellent time to really get involved in your politics and see what the heck is going on it Washington and hope for a solid change that will help Americans.

Another thing we must think about is; who can fix the problem best between Senator McCain or Senator Barack Obama?  I remember this quote from one of my favorite movies - "you laughing now?"  Not many people are, and those who are may not be laughing on November 4th.  Vote

Chicago Funnies

Randall Watson

Government Bail Out Plan

The country is in a crisis, a deep financial crisis. So bad it can be worse than the 1929 great depression. Democrats and Republicans have made “tremendous progress” in negotiations over a $700 billion rescue for Wall Street, and a plan could be in place before financial markets open on Monday morning, according to a leading Democrat. If the problem isn't fixed banks will have no money to loan, and people won't be able to borrow money because; no one has money to loan.

Frankly, I hope the $700 million dollar bail out fails. Why? It would put everybody on an equal playing field. I see people driving cars they can't afford, yet because a thirty loan shark or even a well satisfied loan shark approved them; they go out rolling in style which makes them believe they have money. It leads to what they call in sociology, the vicious cycle. You continue to buy and buy, even though you're not really buying, till you run into a huge problem, then you need a "government bail out plan." We call it chapter 7 or 13 - bankruptcy.

I say let the bail out fail; and force people to actually buy what they can buy. Not borrow what they will pay back later periodically. Just like you can go into a store and buy a $15.99 dollar pair of jeans, you should go into a car dealership and buy a $12,999 dollar car - CASH. And if you can't you freaking don't have a car. Yeah I said it. What would people do then you ask. Catch the train, or rent a car; just as you would rent a house or apartment. Problem solved.

So I hope the bail out fails so that everyone is on the same playing level. Some folks can go into the BMW lot and buy a car cash, most can't. Save your money, juggle it, manage it well to get yourself to the next level. The government bail out plan is exactly what they called it. A bail out; not a thorough solution.

Chicago Funnies

Due Daniels