Fiction: Banks are closing all over the country and your money isn’t safe these days. That’s why the economic stimulus plan is going to bailout out the financial services industry yet again. These guys will never be held accountable for screwing up.
Fact: If you think President Obama is letting financial institution off that easy, you may have another thing coming. The President made a point in his speech last week to say that banks would be held accountable for the money they received from the last bailout and he expects them to use it to increase lending. While the President has not put to rest concerns that American banks can’t be trusted, he has voiced the importance of getting the flow of credit going once again. As a result, the American Recovery and Reinvestment Act also includes funding for car, college and small business loans.
“This is not about helping banks—it’s about helping people,” assures the President.