Where have I heard THIS before?

“Give us more money — or else.”

Get ready for the next round of begging and pleading from the banking industry.  According to this article, the nation’s largest banks are teetering on the verge of collapse, despite billions of dollars in bailout money getting funnelled into them in the last few months.  Surprised?  Didn’t think so.

The worsening economy isn’t helping matters either.  Of course, the economy’s struggles might have been lessened somewhat if the banks that had received that bailout money had actually loaned anything out — but that stipluation was never part of the original federal package, and — surprise, surprise again — the banks have sat on their huge influx of cash — not that it seems to have helped.

One of the banks mentioned as a candidate for collapse is Bank of America.  Hey, guys!  Maybe if you were more concerned with managing your business properly instead of trying to stick it to your loyal customers, you wouldn’t be in so much trouble!  In the case of BOA, we’re hearing the same schtick we heard the first time around — “If we collapse, then there are dire straights for the entire global economy because we’re so big”.  Maybe acquiring Merrill Lynch and Company to make yourself so “big” wasn’t such a good idea after all — wow, I figured that out and I’m not a big banking executive pulling a huge salary while blackmailing the public.   Imagine that!

Worse yet, there’s talk of more money being sent the banks way, but again with no requirements that those who receive government aid actually start putting money back into the economy by lending again. Yep — I’m sure that’ll work this time around.

The banks won't just take our money again -- right?

The banks won't just take our money again -- right?

More and more, it’s looking like we’re headed for a collapse unlike anything seen since the times of the Great Depression.  What’s going to be the end result?  More taxpayer money being thrown down a bottomless pit?  More bank failures? A nationalized banking system?  Whatever the result, sadly, the only thing we can be assured of is that the everyday taxpaying American — you and me — are going to be the losers.


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