Where Is The Money Going?

By JJ
@myklj999 (49234)
United States
December 22, 2008 2:41am CST
Remember that $700 billion dollar financial bail out? Guess what? None of the banks want to tell us where it's actually going. http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/meltdown_secrets Why is it if the banks loan us money they want to know exactly what we're going to do with it, but when we loan them money, they won't tell us a damn thing? Your tax dollars hard at work...doing something...somewhere...
12 people like this
41 responses
• United States
22 Dec 08
Uh - I am quite sure that the money is not going out to help us in any way. because of: http://news.yahoo.com/s/ap/20081222/ap_on_bi_ge/executive_bailouts I can somewhat understand the reasoning for not discussing fully, or if they told everything, it would be an invasion of privacy, such as mentioning who borrowed how much & for what. However, like a previous responder said, when ever we want to borrow money from some financial institution, we need to tell them what we need the money for. They should be required to report what they used the money for being that it's our tax dollars. I would not be surprised if we get more news about these bank CEO's & certain high-ranking executives taking private planes to vacation resorts.
4 people like this
@rebelann (76805)
• El Paso, Texas
24 Apr
Now I am really curious, what really happened to all those banks and how did they actually use OUR money?
@James72 (26829)
• Australia
22 Dec 08
This whole situation has been double-standard BS from day one. And when the cold hard reality of paying back the $700B REALLY hits the back pockets of the average consumer, guess who will be the ones refusing to help "Joe Citizen" financially unless they jump through hoops first? The entire scenario is ridiculous.
3 people like this
@rebelann (76805)
• El Paso, Texas
24 Apr
Yeah, good point.
• United States
22 Dec 08
ARGH! this is friggin maddening! wait wait..look at this part here from the article, "But there is no process in place to make sure that's happening and there are no consequences for banks who don't comply." THEN PUT SOMETHING IN PLACE FOR HEAVENS SAKE! jeezu they say its a work in progress but come on, isnt this EXACTLY the kind of thing the opponents of the bail out were worried about?! i wonder how many golden parachutes have been deployed? you KNOW they are doing that, otherwise what other reason to not be willing to say where the money has gone? unless of course its being spent on the exact same stupid business manuevers it was that got them in trouble in the first place! im laying this here shiny quarter on the reason being because they are doing something OTHER than what the money was intended to be used for! keep in mind thats an awful shiny quarter and its the only damn thing i have in my purse right now!
3 people like this
@rebelann (76805)
• El Paso, Texas
24 Apr
Yep, I'll bet you hit that one on the top of the nail.
@jerzgirl (8170)
• Gloucester City, New Jersey
22 Dec 08
Anyone who loans that kind of money without condition (considering it's supposed to help them keep afloat, how they use it should DEFINITELY have a condition), is like the fool in "a fool and his money". But, considering the source (the Executive and Legislative branches of Federal government), it's no wonder. The financial industry has Jupiter-sized balls, far and above moxie because moxie implies an almost admirable quality, but a gall the level of which only the greediest, most self-serving could ever project. Let 'em fail!!
@jerzgirl (8170)
• Gloucester City, New Jersey
22 Dec 08
If they're claiming they can't keep track of where the money goes, that explains everything about why they've failed. These are financial experts who simply aren't keeping the books - period. They don't account for a dime of what they spend. If they did, they could account for every penny of the bailout money. That is what accountants do, isn't it? Even I can keep a checkbook - so what if it's more money than I would have. WRITE IT DOWN OR GIVE IT BACK!!! Let 'em fail!!!
1 person likes this
• United States
22 Dec 08
I believe that they're claiming that they don't keep track because they don't want to tell where it's going to. Anyway, enjoy that sunshine on a cloudy day Oopsie - did i just start a song annoyingly playing in your head?
2 people like this
@jerzgirl (8170)
• Gloucester City, New Jersey
22 Dec 08
Gee, I don't know, Kraz. "Sunshine on my Shoulders"? Or "Rainy Days and Mondays"? Both came to mind.
1 person likes this
@xfahctor (14126)
• Lancaster, New Hampshire
29 Dec 08
I still say who ever put their signiture on that treasonous legislation is no longer fit for public service. Where is the outrage? I see a lot of typing going on but why are washingtons streets not filled with torch light and masses of people? Seriously, what is it going to take to wake this country up? this "bailout" is just one thing, there are hundreds other things equaly appaling and yet still, even with the verbal and written protests in the media and online, why are people not filling DC's streets over this.
2 people like this
@rebelann (76805)
• El Paso, Texas
24 Apr
Those days of protesting seem to have ended in the early 70s, now all anyone wants to do is earn enough money to either feed their families or if they're not poor then they need that money to buy outrageous Christmas gifts for their kids.
1 person likes this
@anniepa (27521)
• United States
24 Apr
@rebelann Sadly, there is some protesting going on over 11 years later but the protesting is against those wanting to save lives, including those of the protesters! However, the protesters are putting not only their own lives in danger but also those of anyone they'll come in contact with in the future.
@rebelann (76805)
• El Paso, Texas
24 Apr
Isn't that happening mostly in WI @anniepa ? I haven't heard anything about TX having protests.
@ParaTed2k (22971)
• Sheboygan, Wisconsin
22 Dec 08
It's a complete violation of the terms of the bail outs and the public trust. If the Do Nothing Duo of Pelosi and Reid aren't going to do anything about this then they show just how worthless they really are. The Democrats have accused Bush time and time again of paying off his buddies, but the fact is, Bush can't spend a dime of federal revenue. These bail outs are NOTHING but Democrats paying off their buddies. They aren't about the economy, saving jobs or anything else. They are corrupt politicians handing out trillions and nothing more.
2 people like this
@sconibear (8011)
• United States
22 Dec 08
hold on a sec, let me look......... *looks under couch cushions......ooooh, 27 cents!!!* *looks in toilet tank.......there's that bottle!!!* *looks under dog........didn't you die like 3 years ago.....BLECH!!!* nope..........doesn't look like they sent me any. well, i know a few bank branches went belly up earlier this year........perhaps they loaned it to themselves!!!
1 person likes this
• United States
22 Dec 08
Did you try under your mattress or bed? Or that forgotten hole in the wall that you placed something in front of to hide it? Or try this ... Go out to your car, drop-kick your front bumper to deploy air bag. Then cut the air bag & see what might be hiding in there. You might need to drop-kick your front bumper more than once.
2 people like this
@jerzgirl (8170)
• Gloucester City, New Jersey
23 Dec 08
Lorena? Is that you???
• United States
19 Jan 09
ROFLMAO!!!! man you should be in stand up comedy!!!! you are amazing!! LOL!!!!
• United States
22 Dec 08
no sh1t!
1 person likes this
• United States
22 Dec 08
I just meant..............I don't know what I meant. I just read the discussion, that is what popped in my head, that is what I typed. It was early, ok?
2 people like this
@James72 (26829)
• Australia
22 Dec 08
There's NONE? No sh1t at all??? Good God Bo, have they taken this from us as well??
2 people like this
• United States
22 Dec 08
They might as well take it. That's all that's going to be left before too long.
2 people like this
@lampar (7591)
• United States
19 Jan 09
Nobody know how the bank and insurance corporation got the billion dollars handout do with the money, it is not require for them to tell congress or any lawmakers where it is or how the company decide to spend them, it is very much everyone guess and chances is most of it will go to executive golden parachutes and compensation as usual, tax payers got screw again.....
1 person likes this
@rebelann (76805)
• El Paso, Texas
24 Apr
Yeah, taxpayers especially those in the lower income brackets really get screwed when these things happen.
• United States
16 Jan 09
We will hear more and more about where it has gone when it is not such a hot topic. Sometime, a report will be released itemizing that $700 billion, but it will be a slight mention, as something else will be big in the media.
@rebelann (76805)
• El Paso, Texas
24 Apr
As far as I know the media never mentioned it. But I could be wrong.
@anniepa (27521)
• United States
29 Dec 08
Never fear, that money is being put to good use - paying their execs their huge bonuses, paying for fancy spa vacations, you know, stuff like that. I guess it's the Treasury Secretary Paulsen we should be asking. Wasn't he the one "in charge" of passing out the cash? Annie
1 person likes this
@rebelann (76805)
• El Paso, Texas
24 Apr
I suppose spa vacations could be somewhat healing ...... as if!!
1 person likes this
@camomom (7535)
• United States
28 Dec 08
Because the government controls us and we can't do anything about it, whether we like it or not...some land of the free, huh?
1 person likes this
@rebelann (76805)
• El Paso, Texas
24 Apr
Careful, I know a lot of veterans who fought for our freedoms and they wouldn't look kindly on that remark ..... I know many more who lost family in the wars.
• United States
23 Dec 08
i think they should account for every last cent they are getting. that's total bull that we are expected to bail their overspending butts out without even knowing what they're spending it on.which is most likely goodies for them.
1 person likes this
@rebelann (76805)
• El Paso, Texas
24 Apr
I always wondered about that, has anyone actually found out what those banks did with all that money?
@rebelann (76805)
• El Paso, Texas
24 Apr
I suppose this time it's the taxpayers getting their money back. What a treat, right? I just hope they don't expect us to spend it all in one place.
1 person likes this
@jakill (835)
22 Dec 08
We're having a similar situation here in the UK. The banks have had an enormous bail out, but they are hitting people with cashflow problems with enormous bank charges. My daughter was charged £100 extra in two consecutive months when her direct debits took her beyond her overdraft limit by a couple of pounds for just a few days. And anyone who's lucky enough to have savings that are still intact have had their interest rates drop to close to zero in most cases.
@xfahctor (14126)
• Lancaster, New Hampshire
23 Dec 08
Where the money went is nowhere, because it wasn't there to begin with. So we printed it, it was all economic voodoo and wizardry signed off on under dire warnings of doosday scenarios and threats in private meetings of martial law. This was the largest heist and power grab in american history since the creation of the federal reserve and anyone who put their signiture on that abomination of a bill is a criminal in my book.
@myklj999 (49234)
• United States
23 Dec 08
You know, I've wondered lately about if the "money" is really worth anything. I mean, did they just print up some extra and hand it to them or what?
@xfahctor (14126)
• Lancaster, New Hampshire
23 Dec 08
a little over simplified, but still pretty acurate.
@Rosekitty (19387)
• San Marcos, Texas
23 Dec 08
Well I looked in my bank account and didn't see anything different, so i presume it didn't go there, but then I'm figuring it hadn't made it to there yet..maybe its on the way and then i can save some of it for a nice trip to Illinois..
@myklj999 (49234)
• United States
23 Dec 08
Who do you know in Illinois? Obama?
@Rosekitty (19387)
• San Marcos, Texas
23 Dec 08
He's a cutie..treats me special and I'm saving myself for him
@gtdonna (1740)
30 Dec 08
Me thinks the money is going into those CEO's pocket to line it further so that they can continue to live liek Kings and enjoy their lavish lifestyles.
@lampar (7591)
• United States
19 Jan 09
I can agree with that. Seem like we the taxpayers need to continue doing that to support those special human beings in corporates America for many more years after a new administration come into place on Jan 20th.
@ronaldinu (12439)
• Malta
23 Dec 08
It is an interesting question. i really never thought about this. I guess that banks try to invest money in order to gain better revenues. But I don;t think that they are bound to tell its clients in which companies they are investing.
@myklj999 (49234)
• United States
23 Dec 08
Yes, but we are talking about 700 billion dollars that the US government is loaning banks that are financially troubled; and then the banks won't say what the money is actually being used for. These are banks that give their executives millions of dollars as bonuses for doing their jobs correctly; which evidently they are not doing their jobs correctly or the banks wouldn't need money from the government to stay solvent, would they?
@VKXY62 (1605)
• Australia
23 Dec 08
Why does that sound soooo American? Isn't that a little unaccountable? Isn't being accountable what banks are supposed to be all about. How can you not think or suppose there is skullduggery going on? I'd be making some more noise about it, ring up the big TV stations and put it to them, this is a story for you, where is the money going,"OUR MONEY"? Especially when they are holding the car firms over a barrel for the same thing. American government is seemingly as corrupt and full of BS as the Australian government. :-) I live in the corrupt country of Australia, but it is not as bad as what I perceive happening elsewhere. Luckily there is a lemon tree in the back yard for me to suck on..
@p1kef1sh (45696)
23 Dec 08
You've not seen the British Government yet! Want to see how how much Cow Poo a people can take. Welcome to Britain. We'll watch you, censor you, TAX you, harass you, arrest you, Jail you and do it all for your own safety. Utopia!