Bank Bailout Helps Washington Lenders.
On NPR this morning I listened to bank executives explain how the federal bail out money is helping their institutions and what that means for consumers.
This money is not only going to the big national banks, but to smaller regional and local lenders as well. The institutions receiving money are, for the most part, not in peril at the moment. They are actually in healthy financial positions. This money is not bringing failing banks up to even, it is helping banks who are already comfortable become even more confident in the future and therefore more likely to lend their money to consumers.
Bush and Obama officially asked for the rest of the money marked for bailout to be dispersed. This next infusion should help banks grant more loans and loosen their lending criteria increasing opportunities for consumers.
Here at Washington Auto Credit we have Guaranteed Credit Approval, but it is always nice to have more flexibility.
This whole bailout mindset makes me sick. All we’ve done the past 8 years is spend and spend, and look where we are. Why do we think spending even more will make things better? Also, do we really want to reward companies for failing? Because that is basically what it is. People are learning that if your company fails, then the government will be there to pick it up. It is the same mentality as welfare was in the 90′s. And we all know that went too far and had to be ended. Are we going to have to face an economic collapse in order for people to realize welfare for companies is not what we need?