Resist Temptation

I cannot for the life of me figure out this banking quagmire we seem to be mired in deeply.  Is this Ponzi scheme any different if it is being run by the government or the guy in New York that bilked everyone of his clients out of $50 billion and some change.

Here is a novel concept, “Try borrowing money, a large sum of money from a bank, but don’t tell them what it is that you want the money for.  Or let them know in which manner you are going to spend it.”

Think that will work?

Well apparently, that is how the banks in this country think about it, when it comes to telling us where it is that they have spent all the taxpayers dollars.  They don’t feel the same need to say how the money is spent when it comes to them.  After receiving billions in aid from U.S. Taxpayers the nation’s largest banks say they can’t track exactly how they’re spending it and some won’t even talk about it.

When asked the reply is “We are choosing not to disclose that” a spokesman for the New York Mellon bank which received some $3 billion was quoted recently.  JP Morgan Chase which received $25 billion said that while some of the money was lent, some was not and the bank has not given an accounting of exactly how the money is being used.

The Associated Press contacted 21 banks that received at least $1 billion in government money and asked them four simple questions:

  1. How much has been spent?
  2. What was it spent on?
  3. How much is being held in savings?
  4. And what is the plan for the rest of the money left over?

None of the banks contacted bothered to respond with an answer, looks like the Fox is watching the Chicken Coop and guess who the eventual losers will be …… Look in the mirror.  One ray of sunshine in all this, what goes round comes round, it is called in some circles, Karma.  They might be cutting a fat hog right now, but they will pay in the end.

Margaret & Helen do not have the market cornered on “groovy or cool grandma’s.”  Consider, if you will, Billie Watts, 75 years old of Tennessee.

If the titans of Wall Street need a role model (and there is surely no argument that they certainly need something), they might try grandmother Billie Watts, 75, of Murfreesboro, Tenn. She discovered a fortune – $97,000 in crisp, thousand-dollar bills – stuffed into a tapestry purse hanging on a hook in a bathroom stall at a Cracker Barrel restaurant.

Watts could have made good use of that money. She lives off Social Security and can’t scrape together the money for needed dental work. (Most of us didn’t even know that there was a thing such as a “thousand dollar bill” to begin with).

So what did she do?

Just what came naturally to her. She devised a plan to return the money to the rightful owner. From her home, she phoned the store, said she had found “something” in the bathroom and left her number.

Before long, after making sure she had the right claimant, she was able to return the money. It belonged to a woman who had just sold her house and was on the way to Florida to start a new life with her son.  Watts refused a $1,000 reward because the woman “told me she needed every penny she could to start over.”

Watts also didn’t want publicity. One of her 12 grandchildren persuaded her to tell her story. It’s an uplifting reminder that some people do live by the definition of character – it’s how you behave when no one else is looking.

I don’t know about you, but this sounds like someone I would like to spend a day with, take to lunch, get to know, she sure sounds special to me.

If, like me, you still find yourself perplexed and confused about this banking scheme and cannot make up your mind.  Read this well written piece from Sandee, it is another perspective, and it hits fairly close to the house.  Here is the link.

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One thought on “Resist Temptation

  1. No one should be surprised that the banks refuse to give information about how the gift we gave them is being spent. No corporation has had to answer to oversight since January of 2001. Why should they start now. It’s easy to figure out what they are doing with the money. They are paying it to themselves and depositing it in overseas bank accounts, just like they have done since Bush first took office.

    Meanwhile, the Federal Reserve is printing money to a fare-thee-well with nothing to back it but thin air. Soon enough the banks will have squirreled away their cache of money and converted it to gold and other currencies. Then you will see double digit inflation that will virtually destroy the U. S. Dollar. Of course the consumer will be blamed for so recklessly using credit.

    Perhaps the new administration can lessen the impact, but personally, I doubt it. We have sown to the wind and now we shall reap the whirlwind. Oh, in the interest of fairness I should point out that every American taxpayer got a tax cut from Bush! Enjoy it.
    ==========================================================
    One of the ironic things about living in America, is “tax cuts.” I hear about them all of the time, the rich get a tax cut, the middle class are going to get a tax cut, things would definitely improve and get better with a tax cut. But I never seem to have an M-O-N-E-Y. Just like a cure for Cancer, every day, every week, I hear about a cure for cancer, but it never happens. Each September Jerry Lewis comes on television and raises millions for his kids, that are just an inch away from a possible cure, that never seems to materialize.

    Could it be that we are all just a nation of dreamers and living a profound illusion and that there is no hope for us at all?

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