I wish I were rewarded for fucking things up, I'd do it alot more often, I guarantee it.
They did not.
Loan modifications on mortgages were made at a much lower rate, and more slowly than was expected, or needed to stabilize realestate markets more effectively than occurred.
Also, the biggest problem with the banks now is that they are SITTING ON THE MONEY.
Banks are the nations money supply, not the Federal Reserve.
By lending money to small business and individuals alike, banks "create money" in that they are generating interest reveue via the loan of a portion of their cash on deposit, and the businessmen therefore are out in their communities CREATING JOBS with the projects they are completeing to MAKE A PROFIT and payback the bank.
The banks were GIVEN a huge amount of baiolout money, and instead of using it to "prime the economy" out of a recession, they have chosen to use it to enrich their books and mitigate losses to the degree possible so that they look more solvent than they really are.
Plus, the requirements to get a mortgage or even a home equity loan right now are absurd. I own my house outright and my wife and I applied for a home equity loan. Between the two of us we do OK income-wise, we are not rich by any means, but we are comfortable and live within our means. I have no car payments and no consumer debt. Both my wife and I have been at the same jobs for almost three years. It was like getting teeth pulled to get a $25,000 home equity loan, even though we wanted to use the money to renovate our house, get some pretty hefty car repairs, and take a small vacation to South Beach, Miami this past July.
Basically, now more than ever before, the only people who can BORROW MONEY are the people who already HAVE PLENTY OF MONEY.
This is not an environment where innovative, motivated small business owners can start up, or let alone survive.
They can't get a loan to start up shop, their clients don't have disposable income and even if they did are most likely holding onto it for dear life, and so the whole nation is in an economic quagmire.
Finally, if anyone is not aware of the decimation of the middle class that has been going on in the past 20 years, WAKE UP!
- 80% of this nation's wealth is held by the richest 2% of the American population.
- We have been gouged, taxed, and ripped off on everything we've purchase for years, and been told by our employers that even though they have posted record quarter after record quarter, that there just isn't enough money to give people raises this year AGAIN.
- Employment benefits (helath care, pension/401K, life insurance, paid time off, etc.) have been systematically eliminated or minimized with techniques like hiring a huge staff of part-time employees and barely any full-time employees, or just simply putting so much of the cost of benefits directly on the shoulders of employees that it makes a significant dent in the worker's actual NET take home salary. Guess what? People need health care to live a decent life. Without affordable health care from private employers, people end up on Medicaid, and that costs everyone working even more money via taxes, and the taxpayers are getting NOTHING for the huge amount of money they are shelling out.
- Florida has about a $60 BILLION per year State budget. This past fiscal year (2010-2011) there were 3 MILLION PEOPLE on Medicaid, and the total expenditures of the Florida Medicaid Program were $20 BILLION. Next year enrollment is project to grow even more, and the State must find a way to fund a projected deficit of $1 BILLION.
Five years ago, BEFORE the RECESSION, ther were 2.2 MILLION PEOPLE on Medicaid in Florida, and the total program expenditures were $15 BILLION.
NOTE 1= 50% of Florida's Mediaid budget (and most State's Medicaid budgets) is paid for by Federal Matching Assistance Program (FMAP) dollars from the Federal Government. So the net impact of the Florida Medicaid program on the State's GENERAL REVEUE (collected from ad valorem property taxes, sales taxes, and other taxes levied in-state) - which is still HUGE.
NOTE 2= The "trigger to become "eligible" for Medicaid is to have annual household earnings that are at or below FPL (the Federal Poverty Level).
So, do you see the problem?
We're in a recession.
Many people who are working are uninsured.
Many others have lost their jobs.
Because so many have remained unemployed for so long, they have sank to the Federal Government's poverty level of income.
Thus, many are ENTITLED to FREE HEALTH CARE from their State's Medicaid program. (If you're female with a child under 21 it's almost guaranteed, if you're a male who is not currently on disability of some kind, for some reason, then you are screwed, no Medicaid for you, go to the ER and enjoy the many huge bill(s) they send you)
Banks are not lending money to small business, so this vicious cycle continues to perpetuate.
And we're the ones who bailed those greedy fucks out in the first place? FUCK THAT.
CORPORATIONS are JUST AS GUILTY:
Look at how low corporate income tax rates are nationally, look at the plethora of tax breaks corporations get, look how they have slashed wages to a minimum, fired people and forced the remaining staff to pick up the work (thus increasing the workload, and life stress of each remaining worker), and how little benefits they now offer their employees.
Greed has taken over. The capitalists and the government are systematically sheering the sheep more than ever before via taxes and a huge lack of gainful employment opportunities. We're the fucking sheep. The middle class made this country great, and now they are being targeted for extinction.
Something has to give.
I'm not letting my kids inherit this shitbag of a situation; they deserve better.
If things don't get alot better in a reasonabl amount of time I'm out of here.