Saturday, June 6, 2009

Bailouts to be Repaid?

The Washington Post is reporting that a higher than expected number of banks will be allowed to repay the federal government the money borrowed in the bailouts. Allowed to? Not that they should have gotten any money in the first place, but I think the banks should be EXPECTED to repay the money- plus interest. One of the banks listed is JP Morgan Chase. Perhaps you've seen their billboards popping up in the area since they acquired WaMu. I'm thinking specifically of the one that says, "Start banking better, Seattle." Start banking better by switching from a bank that went under to a bank that almost went under? My mattress isn't FDIC insured, but at least it was never under capitalized. The House Financial Services Committee is holding a hearing on June 11 to focus on how to eliminate practices such as executive compensation that lead to the economic meltdown. One cause that won't come up is the Fed. I think if you're a CEO and you're smart enough to find a way to get a ton of free money at taxpayer expense you deserve a huge bonus. And a trip to prison for embezzlement. I will never vote to give your money to a private entity. Business is none of government's business and I will not tollerate socialism. Anyone willing to vote in favor of a bailout when I am elected risks being called a socialist, in public, from the floor of the House. I am not afraid to use the S word like so many in government.

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