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(EMAILWIRE.COM, January 06, 2009 ) Houston, TX - Back in September, when Wall Street suffered a horrible meltdown, we were told that $800 billion being pumped into financial institutions through taxpayer dollars would get the "economy moving again." Four months later and we could not be more amazed by the delays in the process. Essentially, the major banks have enjoyed a massive gift that make them more secure, but they have done nothing for the average consumer.
As a result many Members of Congress in both the House and Senate are up in arms and are about to declare that they will not take
it any longer. The way I believe they may respond, is by taking the $300 billion plus left from the first bailout and additional dollars from the $1 trillion in being proposed by President-Elect Obama, to create a government based, consumer lending bank.
I don't believe they will make these banks "within" banks or even attempt to run the programs through credit unions, but will make them separate, government run, institutions. They no longer trust the banks to be altruistic, which I think was foolish to believe they would be in the first place. Banks are largely successful because they are self interested and run on the...(read more at www.BizPlusBlog.com)
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(EMAILWIRE.COM, January 06, 2009 ) Houston, TX - Back in September, when Wall Street suffered a horrible meltdown, we were told that $800 billion being pumped into financial institutions through taxpayer dollars would get the "economy moving again." Four months later and we could not be more amazed by the delays in the process. Essentially, the major banks have enjoyed a massive gift that make them more secure, but they have done nothing for the average consumer.
