[QUOTE=93terp;662406]
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Originally Posted by kazbates
The government gave these banks billions of dollars, hoping that they would stimulate the economy by lending it out. /QUOTE]
Your certainly entitled to your own opinions, but you're not entitled to your own facts. Your statement above is simply, patently NOT TRUE. The TARP $$ given to the banks was not done to stimulate the economy; it was done to protect the entire financial system from collapsing & taking the entire global finanancial system down with it. At it's core it was intended to allow the US Treasury to buy toxic assets from the banks, thereby propping up balance sheets of financial institutions.
http://www.thompsonhine.com/publicat...1543.html#3888 |
I did not make up my own facts. It was done to shore up the economy with idea that the banks would lend the money. This would have a by product of stimulating the economy. From your own quoted website:
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The goal of the Act is to restore liquidity and stability to the financial system of the United States. However, the broad authority granted to the Secretary under the Act must be exercised in a manner that protects home values, college funds, retirement accounts and life savings; preserves homeownership; promotes jobs and economic growth; maximizes overall returns to the taxpayers of the United States and provides public accountability for the exercise of such authority.
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As for my statement about the lenders being reluctant to lend, that is not my opinion. It is from experience and research while helping my daughter who is looking to buy a house and from my neighbor who is trying to sell her house. Perhaps it is different in other areas, but that is how it is here in my neck of the woods.