Mar 05 2009
I’d like to introduce you guys to my future wife
Yep. I don’t know her name, don’t know where she lives, don’t know if she’s got a boyfriend. But that’s my wife.
This is an interesting story though. IBERIA Bank, a Louisiana company, had previously accepted $90 million in government aid. However under the Obama administration’s much stricter guidelines for using the T.A.R.P. funds the bank decided it was better off without the taxpayers funding.
Here’s my, and my future wife’s question - If the bank was doing fine on its own why did it take the money in the first place?
We’ve seen snippets of what AIG is doing with our taxpayers dollars, and earlier this week Northern Trust Bank threw a hugely expensive party in Los Angeles shortly after accepting over a billion dollars in federal aid. When Congress found out about the party they asked to be reimbursed the cost and the bank replied that it didn’t need the money but it accepted it because politicians were encouraging participation.
So what’s the deal? Are we giving banks money that don’t even need it? Most of the losses that we hear about aren’t even with actual dollars (Federal Reserve notes) but are just logged into computers due to our fractional reserve lending system. Banks actually have more paper money than they’ve had in decades, due to American’s reluctance to spend their hard earned money in the unstable economic environment we’ve entered.
I wish this issue was more clear to me, the irony is not lost on me that we named this whole bailout business T.A.R.P. (what do you use a tarp for? to cover something up? Hmmmmmm…) in the first place. Something makes me feel like we’re not getting the whole story here…
Hey there sunshine. She’s too young for you. She looks 12 :) Anywho…for some odd reason the T.A.R.P. and covering something up never crossed my mind ( I can be sooo slow) but it is a good point and I don’t really understand it either. Of course for the last few months I’ve been doing my very best to bury my head in the sand about anything that even remotely upsets me. But I’m thinking about finding a shovel ;)
skwguitar,
If it flys, foats or fucks, Rent It!
Hey birdie hope all is well.
I don’t know what you’re talking about she doesn’t look 12 she looks gorgeous. And she sounds like she is a smart and independent thinker who may possibly have progressive thoughts mixed with sound fiscally conservative ideas…
-sighs affectionately-
@Dsent - Ha!
She’s a beauty. TARP sucks
@Phuck - it’s amazing what they think they’re “entitled” to isn’t it?
“I wish this issue was more clear to me, the irony is not lost on me that we named this whole bailout business T.A.R.P. (what do you use a tarp for? to cover something up? Hmmmmmm…) in the first place. Something makes me feel like we’re not getting the whole story here…”
I think your on to something here.. I never really thought of T.A.R.P. and covering things up lol.. It sure as hell looks like the government is trying to cover up something.. Calling the bailout T.A.R.P seems fitting doesn’t it?
Oh yea, that girl totally looks twelve bro!!
LoL careful how you talk about my future wife AZ!
The Federal Reserve notes as opposed to actual money issue never occurred to me. This whole bank bailout issue is so fishy. Why were they “encouraged”. Why are they still getting more money with Obama? I thought maybe by the timing of the original bailout, at the very end of the Bush regime, that it was just one last money grab before things might change….so the other question is, why aren’t things changing with Obama? Why aren’t these handouts being investigated. At least your wife is checking it out.