Sen. Dodd Questions Banks’ Use of Bailout Funds

Main

Despite this site’s opinion that the government bailout plan was an improper way to go about restoring the economy, it is hard to challenge the fact that some form of legislative action needed to be taken. What many economists saw, and even a good majority of the population could assume is that the funds provided to the banking world would not be used to help the common person. We chose to give some of the – and this is my personal opinion only – greediest people in the world free money and expected them to use the funds to help the general populous. This is not happening and at least some people in Congress are starting to questions that.

Banks are failing to use public funds to make credit more available and to help troubled homeowners, said Sen. Christopher Dodd, D-Conn. Congress did not pass the bailout plan so banks could hoard the money or use it to scoop up faltering rivals, he said.  Source

Hopefully Senator Dodd will back up his words with actions and hold these banks accountable for misuse of our tax money.

No Comments

Leave a Reply