My question is… Did those banks who receive that Taxed Payers massive infusion of capital even have to meet the same underwriting requirement they would expect of a customer sitting across the desk in a local branch bank.
Income, Personal Collateral, and ability to repay the loan. Would they even meet the famous 1970 ‘Fit The Fanny May’ profile for underwriting.
Probably not.
So now the federal government has gone out and used the ‘future generation gift card’ to finance more bad loans and bad fiscal policy.

Now is the time to make every one verify the paper on all loans each time a bank is absorbed.

Now is the time to stop allowing financial institutions to fee harvest based on the ability to change the terms of any contract base on their whim. All banking contracts should require a signed changer order be all parties including credit card agreements.

America has been bankrupt for more than 10 years and has been in denial. I was told several thing in my youth that this nation needs to know. My dad said “Live by the Golden Rule…. He who has the Gold makes the Rules.”, “It is always easier to borrow that to pay it back.”, “Live within you means.”, “YOU can Never borrow your way out of debt.”
Looks like our government is doomed to fail unless it adopts these basic tenants.

I submit that the bailout money should have been printed bills of another color, and banks should have been required to actually loan in cash. We would then be able to see how the money flows into the cash registers of our main street economy. Having to physically handle those bill would also moderate the speed of the transactions and create additional jobs for counting,auditing and distributing the funds.