Where Your TARP Money May Be Going

July 14th, 2010 at 9:08 pm by Cranky

Word on the street is that billions of your dollars have gone into propping up financial institutions so they could keep lending so business could keep humming so the economy wouldn’t fall off the precipice.

You might have also heard that much of the money wasn’t being lent out to small businesses.

Kicking off an all-day conference at the Federal Reserve on the financing needs of small businesses, Fed Chairman Ben Bernanke acknowledged that some businesses in good standing have had difficulty obtaining the credit they need to expand or, in some cases, to even stay afloat.

So, where is the money going? Good question. Being a third rate blogger who is confused by numbers but excited by anecdotes, I would like to put forward a theory. They are using the generous slathering of no-strings-attached money poured upon them under the watchful gaze of “Sheriff Joe” to expand.

Let’s take a quick tour around my neighborhood.

The dots in blue are the existing banks, the red ones are under construction as I type this.

The last bank to be built in the area. Nice, shiny and redundant

A grove of trees last week. Today home to a brand-new bank 600 yards south of #1.

Added bonus. The WSFS bank’s construction was financed by… Applied Bank! Hmmm. Doesn’t give me a warm fuzzy feeling about leaving my money with WSFS if they can’t finance their own construction!

Here’s the bank that prompted this little photo-essay. Jack the kindly old man who ran the local landscape nursery for 25 plus years sold his land for one-point-something million to the bank thereby giving himself a nice retirement and his neighbors a good shaft.

Remember when you were eight hours late on your credit card payment and the faceless, impersonal d-bag at the faceless, impersonal “too big to fail” bank jacked your rate to 29.99%? Well your late fee enabled Bank of America to open this gem right here. Thank you!

And to round off our little tour, meet the bank across the street from B of A. Because, let’s face it, if you overshoot your bank by 20 feet, you might as well open up a new account

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4 Responses to “Where Your TARP Money May Be Going”

1. Brian Says:
   July 15th, 2010 at 10:35 pm

   That’s a lot of Offices of Diversity and Inclusion. Who knew that banks were supposed to lend on the basis of the ability to repay rather than on skin tone or what’s not swinging between your legs?

   We are teetering on the edge of the abyss and these morons are blowing past the line none the wiser.

   Banks opening when no one has a job or when people who have jobs don’t have customers to cashflow their businesses. My, that Titanic had shiny fixtures as it sank. Back up off that iceberg, full speed ahead!

2. Bill Sanders Says:
   July 15th, 2010 at 11:20 pm

   But..all these shiny new edifices will still have the ‘new’ smell when Herr Hobama declares a bank holiday on Nov. 1st…

3. republicanmother Says:
   July 16th, 2010 at 11:25 am

   Can someone explain to me why Wamp is getting any support in this state after he voted for TARP? I find it humourous that he’s being endorsed by Dave Ramsey, who tells how scum-sucking credit card companies are (many of which are owned by bailout banks), yet he tells us how great Wamp is – ironic, no?

4. Bill Sanders Says:
   July 16th, 2010 at 7:35 pm

   Don’t trust congress critters returning home to run for a state office..they’re tainted. Ask any Alabamian about Riley…