More welfare for bad banks? That is what President Obama is signaling today.
The real problem here is that there is only so much printing of money the government can do before the weight of it all drags the dollar down to the status of play money.
I have one other problem in giving money to banks. This week First USA raised the interest rate on my Platinum card all the way up to 25%, even though my credit history is perfect. I canceled my account with them, and under the law, will pay off the balance at the old rate. When things get better, they will, of course, offer me a credit card at a nice rate, and I will tell them to go jump in a lake. You see, while they have every right to charge me whatever they want, I have every right to tell them to jump in a lake. LOL.
So what are the banks doing? Squeezing the government for more money at one end, and attempting to exact more blood squeezings from their customers at the other end. Of course, they could have done business the old fashioned way - By not ****ing up.
Here's a line from a song that a friend of mine wrote.......
If I were an Alfred P Sloan
I'd say "Dow Jones can suck my bone."
Article is here.