The American taxpayer threw billions of dollars at the banks and our “leaders”‘ failed to place any restrictions or conditions on that money that was handed out to the banks. And what are the banks doing with all our free money? Whatever they damn well please. Mostly they’re just sort of rolling around in all the cash, wallowing in multi million dollar piles of it, rubbing it all over themselves. What they are not doing is lending to the American people or helping American businesses to grow. And yes, the are channeling some of that money back to their elected friends that handed out all the free money in the form of campaign contributions.
Does throwing fistfuls of dollars back at opportunistic elected officials have an impact on business? Is a person or business treated differently by the supervisory power after the target has puffed up the stuffed shirts with hoards of cash? I’ll just save all the snarkyness and point you in the direction of the Economic Times. And I couldn’t request this clip which shows just how nasty the stuffed shirts get someone starts asking questions they don’t like. Patrick McHenry Rips Elizabeth Warren The important thing that clip shows is just how defensive the thugs in power get when people start asking questions about what’s happened with all our money and what the banks are doing now with our money.
But the whole Warren/McHenry dustup is old news. And frankly so is this story about banks buying up tax deeds, but we cannot get much information about what they’re doing with the rest of their cash and investigators are treated like those pesky moles in our favorite regulatory game, Whack A Mole. But just chew on this one for a bit. Now what I want to know is just how many of the tax deeds going to sale in Florida are being sold back to the banks that caused all this mess, that received billions of dollars from the American people and who are utterly failing to resolve the banking and financial crisis that grips this nation. Consider this:
Banks that took bailout money were supposed to use part of the taxpayer-provided cash infusion to help customers avoid foreclosure, but instead, many of them are buying up struggling homeowners’ tax debt.
The tax liens earn banks up to 16 percent interest, and if homeowners don’t repay their debt within three years the banks can foreclose on their homes. Since the bailout in 2008, major banks have bought nearly 6,000 tax liens in Pima County that total at least $15.8 million.
