Now I keep going over this in my mind and can't seem to get it straight...
Ok. WE customers go to the bank and put in our paychecks. And, when WE want to buy a house WE put 20% down, the bank carries the loan and if WE stay in the house for 30 years WE will pay about 5x the amount of the loan.
Then, the bank uses our money and in addition to the interest we pay and having the use of the balances we keep they make big bonuses and have a party.
Then, they go to the government and tell them they have no more of our money and the government gives them more of our money so they can charge more big fees and interest, get more bonuses, and have more parties.
Then, I watch the commercials on TV about how much these banks are helping us. And, it really makes no sense to me because I see foreclosed homes and homeless people all around.
So, let me get this straight...I'm a customer, I give money to banks so they can have parties, charge me fees, and throw my neighbors on the street while they sing a happy jingle on the TV.
Here is a partial list of banks that received tarp money. It is provided by Fox News so we know that it must be "fair and balanced"...
"RAW DATA: List of Banks Receiving Funds From $700B TARP
This list includes all the banks receiving funds from the Treasury's $700B Troubled Assets Relief Program (TARP).
The following is a list of TARP recipients as of January 31, 2009:
Bank of America Corporation
Bank of New York Mellon Corporation
The Goldman Sachs Group
JPMorgan Chase & Co.
State Street Corporation
Wells Fargo & Company
Bank of Commerce Holdings
1st FS Corporation
UCBH Holdings, Inc.
Northern Trust Corporation
SunTrust Banks, Inc.
Broadway Financial Corporation
Washington Federal Inc.
Provident Bancshares Corp.
Umpqua Holdings Corp.
Regions Financial Corp.
Capital One Financial Corporation
First Horizon National Corporation
Valley National Bancorp
Marshall & Ilsley
TCF Financial Corporation
First Niagara Financial Group...."
Here is the complete list:http://www.foxnews.com/politics/president/ci.RAW+DATA%3A+List+of+Banks+Receiving+Funds+From+%24700B+TARP.opinionPrint
Is your bank on this list? Are you still giving them your paycheck? But, they paid the TARP money back you say. Oh, that's right. They collected more fees from us so they could pay back our money that our taxes paid to the government. And, the banks keep having parties and giving out bonuses while the jingles play.