latest Business Report
Hinters Licht führen, we are indeed behind the light. It goes without saying that banks and institutions using the money of taxpayers is dead wrong. It’s supposed to be taking from the rich and giving to the poor, not stealing from the poor and giving to the rich. It’s true that Wall Street, Main Street, banks and other financial institutions are suffering through a crisis and there should be a bailout for them. But this doesn’t have to come from anywhere. The taxpayer money is supposed to be used towards the taxpayers and not only are the bank bailouts not going towards lending out more loans, it’s going towards paying out bonuses to its executives (who are millionaires by the way).
You better believe that these financial institutions are using their money to benefit themselves. Some are investing in other banks and in other countries, such as China. When these entities are asked what they’ve done or are doing with their money, they have no response. With banks knowing that the government will bail them out, they are going to continue taking big risks on deals they make without any financial worries if the deals flop.
So not only is it unfair to take valuable money from the taxpayers, which could have been used to help the middle and lower class citizens get jobs, save their mortgages or even clean up their neighborhoods, it is going towards millionaires who are having panic attacks about not making their next million bucks.
Next, there’s a bailout for Wall Street, this is a frown turned upside down, especially after years of crying for help. Main Street, the underdog, is left crying for help, but it looks like their may be a bailout for them pretty soon.
The bailouts of the financial institutions are being unjustly spent. Many believed that the bailout would be used to help stabilize the financial institutions and help save the many homeowners who are distressed with their high interest-rate mortgages. The government, too, spent the money unjustly because they could have created more jobs to help bailout the moneymakers -- the people. Now-a-days, people with good credit are having a hard time obtaining a loan. Small businesses aren’t receiving any loans either.
All this money and no one is spending it right and nothing is really getting accomplished. It seems as though the rich is looking out for the rich, while the poor keeps getting poorer. Failing to plan is planning to fail -- our country needs to plan more or our economy won’t be restored anytime soon. Hinters Licht führen, we are behind the light.
Robin Trehan is partner at Credit Capital Funding. More information about him www.BusinessCreditfund.com
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