Jon Carroll, a columnist for the San Francisco Chronicle has an interesting take on the behavior of our bankers now that the U.S. taxpayer has bailed them out;
last week the New York Times had a story about how banks, having been given emergency bridge loans to tide them over after the unholy mess they made of the entire financial system with their greed-driven mortgage loans, are now reluctant to lend that money back to struggling small businesses.Loans are not being made. Why? Let Paul Merski, chief economist for the Independent Community Bankers of America, a trade organization, tell you why. "There's not a lot of profit motive in a $35,000 loan stretched over six years."
Profit motive? Profit motive? The American taxpayers came in and saved your sorry asses, rewarding your bad behavior because every other option was even less good, and now certain struggling American taxpayers are asking for five-figure loans, and you guys are whining about profit motive?
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