Banks Have No Intention To Use Bailout Money To Make Loans

New York Times:

"Chase recently received $25 billion in federal funding. What effect will that have on the business side and will it change our strategic lending policy?"

It was Oct. 17, just four days after JPMorgan Chase's chief executive, Jamie Dimon, agreed to take a $25 billion capital injection courtesy of the United States government, when a JPMorgan employee asked that question. It came toward the end of an employee-only conference call that had been largely devoted to meshing certain divisions of JPMorgan with its new acquisition, Washington Mutual.

Read the whole story: New York Times

Comments

[darthdarcy]

Ah true Capitalism­...how American and Patriotic, Thank God they didn't waste that $25 billion saving people from losing their homes, or Serving The People..!

[MasterfullyInept]

What happened to if a business is too big to fail its too big to exist?We got screwed again.They want MORE consolidation?When are we going to wake up?

[texanna]

So, please tell me again why all the Senators and Representatives thought the bail out bill was a good idea? This thing is going the way of the resolution for use of force that Shrub abused to invade Iraq. Can't the idiots that we elect to represent us try just once to do so? Wouldn't it have been great if that foresight vis-a-vis the resolution for use of force that Obama had when he wasn't in the Senate could've magically appeared for the vote on the bail out bill?

[Kassandra]

This is why the America people, in a bipartisan show of outrage, begged our idiot congress not to do this to us. Now we get to pay for these thieves bonuses as well.

Count the silverware, paintings, rugs etc, as Bush leaves the White House. We should charge him retroactive rent for the place.

[jdfast]

The rich get richer and the taxpayer gets screwed again. When we let the fox run the hen house how much of a chance do you think that we have. Putting financial extcutives in charge of the payouts is so stupd that it is unimaginable. They will simply take care of their own. What the hell do you think that they are doing now. And we didn't even get kissed.

[Chanel05]

This is wack! My friend who has worked for Chase for 18 years before it was JP Morgan Chase just got laid off -- reason "because of the economy". Well they just got $25B -- and they'll still layoff people. They not only will Not loan to "Main Street" but they're trying to destroy families too!

[joebhed]

We need a Treasury FOR the people.
Not the banker's Treasurer.

We get it that this was the plan, because Paulson was responsible for it all coming down.
The question is, WHAT IS OUR PLAN ??

It's Paulson and the bankers against the rest of us.
One quote:
""Every effort has been made by the Federal Reserve Board (FED) to conceal its powers, but the truth is - the FED has usurped the Government. It controls everything here (in Congress) and it controls all our foreign relations. It makes and breaks governments at will.""
- Congressman Louis T. McFadden

There is only one solution, and it doesn't involve fire in the streets.
It can be done with a pen.

A Treasury OF, BY and FOR the people that has the power to create all new money without debt.
This is from "Treasury System versus Federal Reserve System:

""The argument often made against the Treasury System is that the government will be producing worthless money because it is not backed by real money. This is pure propaganda. The truth of the matter is that our present money system, which is controlled by the private bankers, creates money out of thin air. Who is backing the bankers? You are. When the bankers get into big financial trouble, who do they run to for help? The government. And, of course, the government then goes to the people, the producers of real wealth.""

Long overdue.

[PT6]

It was clear from testimony of Paulson's flunky Kashkari ("Cash and Carry") that he wants to simply hand the banks the money and let them do as they please!

His excuse is that he does not want to interfere in their business!

So we give them our money and they can payout Bonuses, pay off debts, or take a spa vacation!

The Bush Administration must STEP DOWN Immediately After the Election!

[Star2000dancer]

Another Nancy Pelosi.bus­h/Cheney move. I knew it when I saw Bush giddy. We must force the reps we trust like Dennis Kucinich to put out resolutions of Impeachment for Nancy Pelosi too. This is like the Nixon days when all three had to be Impeached.

[PT6]

It was clear from testimony of Paulson's flunky Kashkari "Cash and Carry" that he wants to simply had the banks the money and let them do as they please!

His excuse is that he does not want to interfere in their business!

So we give them our money and they can payout Bonuses, pay off debts, or take a spa vacation!

The Bush Administration must STEP DOWN Immediately After the Election!

[peterg76]

If you didn't realize that was the plan all along, then you weren't paying attention.

[GoCards1978]

No kidding. Bush wouldn't have signed it otherwise.

[bitabingbitabangbitaboom]

That`s Wacked

One of the main reasons for the Capital Collapse is the Greedy Exucutives padding their own PayChecks>­>>>>>>>>>>­>>>>>>>>>>­>>>>>>>>>>­Now they want to preserve their own jobs by using OUR money to PropUp their Mistakes

That`s Wacked!

[JBS]

Well, I'm going to tell you anyone who thought they were going to do any different are the ones out of touch with reality.

It never was a bailout for the economy, always a bailout for the Wall Street wolves.

[MajorKong]

( Sound of pitchforks being sharpened and torches being lit. )

[drec1500Madrid]

If we dont like it and are outraged we need to get in contact with our congresspeople and make a huge stink....t­hey still need regular folk to get elected.

[Star2000dancer]

Dennis Kucinich is the only one who's man ebough to do it. But Nancy Pelosi is in the tan for Bush & should be impeached & thrown out of office 7 years ago.

[rabiddog6708]

America sold its soul during the Reagan Years. The Me-Generation was only interested in personal wealth, not the wealth of the Nation. Junk Bonds.....­Deregulati­on.....Def­unding of vital agencies..­..NAFTA...­.Enron...O­utsourcing our manufacturing and moving to service based economy...­.only to see those jobs outsourced as well.....c­utting taxes for the wealthy while raising payroll taxes that are a bigger burden for the poor and te middle class....t­he stock market turned into a giant casino where Wall Street (the House) always wins and the investors risk it all to be the next Millionaire. Surpise! The game is rigged and the banks got their Christmas gift early.

[MuchMadness]

If it really wants to, congress has the authority to pass emergency legislation to revise the bailout bill, invalidate the offers that Paulson has made so far, and rewrite them with more stringent conditions. The question is whether the Democrats would be emboldened enough by an Obama victory to stand up in November and announce to the president that congress is now in charge and the constitution will be obeyed.