(9 am. – promoted by ek hornbeck)
In these insane years, the only people making sense, and the only people with what appears to be what used to be called “common sense” are those who are now labelled “extreme left”. You know, Democracy Now, Dennis Kucinich, etc.
Well, Kucinich now can’t help but wonder if the Federal Reserve isn’t paying banks to NOT make loans.
It makes a lot of sense.
Ohio Democratic Congressman Dennis Kucinich wants to know: “If [the Troubled Asset Relief Program] isn’t about keeping people in their homes or providing credit to businesses, what is it for?”
Expressing his frustration before the Government and Oversight Committee, the two-time presidential candidate suggested that the Federal Reserve may be paying banks to hoard money and avoid making loans.
Banks make loans in order to make money. If they don’t make loans, then what are they in business for? Why would they quit making loans?
I have anecdotal “evidence” backing this up. Recently I decided to get some professional retraining for some new technology in my field. The training is very expensive. The reason I’m getting the retraining is because the work in my field that I have been doing without this training has been drying up, and paying less, and I am in severe financial trouble because of it.
Retraining should fix things, right? Or at least put me on the road to recovery. I’m able to pay for the first couple of classes, but beyond that I need some financial assistance. So I apply for a student loan through Sallie Mae, and the school I’m going to has a deal with them so it’s all very simple.
My credit has been destroyed the last eight months because of my financial situation, which is the REASON I’m getting the retraining. The financial aid officer at the school tells me that to get a student loan you have to have a credit score of over 740. Now, even when my credit was pristine, I’m not sure if it was ever above 740. I know it was well over 700 before it tanked, but 740? Either way, it’s far lower than that now, so they tell me I can get a co-signor.
I approach a very close familiy member and ask if they could co-sign. They agree to do so. This family member has a credit score of 880, has had the same employer for over 20 years, owns a house that they have lived in for 25 years, has two kids, one in college, has the most straight-arrow type of financial lifestyle you can imagine, in short is the classic kind of person you want to lend money to. Right?
Wrong. She was turned down for the loan. Because of one late credit card payment to a Department Store credit card that she only took on because she was buying clothes for her daughters one day and the store said if you get the card you can get a 25% discount. The first bill got misplaced and she was late paying it.
They turned her down because of this.
So Sallie Mae is obviously looking for any excuse to not loan money.
Sallie Mae is a financial institution that only, theoretically, makes money by loaning it out and getting more in repayment through interest rates, right?
Yet they are deliberately turning down loans for the most tiny reasons they can find.
YET the Fed is telling us that we cannot audit them or they will destroy the financial world as we know it.
So what are they hiding?
Why are they hiding it?
Why do we all have to go down on THEIR SINKING SHIP?
I’m just trying to get retraining so I can get a new fucking JOB.
Ironically, the school which I’m using for this retraining, just got $250,000 from the Obama administration to give people training. The caveat? You have to already have a fucking job. That’s right. If you already have a fucking job you can get the retraining that I’m talking about.
If you don’t have a job? It’s fuck you very much. Die, asshole.
That’s what it feels like anyway.
I’m not seeing any light at the end of this tunnel. I honestly don’t know what I’m going to do when what little money I have runs out. I’m trying to get a job doing anything, out of my field, whatever, and there’s just nothing out there. I apply and hear nothing. My phone only rings with calls from creditors, banks who have gotten billions from TARP and are now hounding me for money I don’t have. Banks who have given their CEO’s tens of millions in bonus pay. Are hounding ME. Sure, I owe them money, yet the irony is not lost.
Yesterday I gave money to an unemployed guy outside of my post office. I’d seen him there many times, a very well-kept, well dressed guy who has taken to sitting in the same place every day, staring at the sidewalk and reading want ads. At first he said nothing, then finally he started mumbling a few words asking for help as you’d walk by. Yesterday he said nothing, but I stopped and said “what’s your story?” He said “I’m out of a job”. I said “me too” and I opened my wallet and gave him a few bucks.
I was angry. I’m still angry.
When do we say enough is enough? When do all the angry, unemployed people, with nothing to lose, rise up and deal with the banksters? When do we get angry enough to do something about the Goldman Sacks of the world, those who rob us blind, give themselves 700 million dollars per person in “bonuses” that they FUCKING have the gall to call “earnings?”
How much shit will we eat?
Here’s some food for thought, which I found at zerohedge.com: