Bailing out the Banks - A Big Mistake

Two years ago, in the heart of our recession, our government loaned the big banks millions of dollars to keep them afloat. They had been manipulating home mortgages, knowing they would fail, and actually taking out insurance to profit from this scheme. We should have let them fail & start over.

Now there are extra fees for everything because the greedy bankers still want to make their huge profits but have been regulated against their normal scams. As a result our economy has ground to a halt and there are no jobs. We actually had a protest day last week where 40,000 people switched from banks to credit unions in the United States. Credit unions are owned by its members and charge no fees for anything. I've done business strictly with credit unions for over 20 years. I hate banks.

I don't know what type of similar problems exist overseas but feel people around the world need to revolt against the wealthy and the politicians who keep them gouging the little guys.

Re: Bailing out the Banks - A Big Mistake

I couldn''t agree with you more Bob. Much the same has happened in this country and it is still going on. I firmly hold the banks of the world accountable for what is happening now. The problem with letting them fail is that so many small people would lose out badly - so the circus is allowed to go on and on and the fat cat bankers get richer and richer from it.

Re: Bailing out the Banks - A Big Mistake

..There we have it, if we had let the banks fail the 'little' people with savings would have lost out too.

I have said before on here, I think it was a big mistake when we lost all the small 'mutual' building societies which provided mortgages under strict conditions and a safe place for savings.