Anderson Cooper The Journalist

There is no such thing as being a little bit pregnant.  American banks, however, do not seem to understand that concept, as evidenced by the lead story on Monday evening’s AC360.

American banks have greatly benefited from the American bailout attempt of the economy.  Two of the largest recipients, cited on Monday’s show, have been Citicorp and Bank of America, which have each received $45 billion from the government, without yet paying back the bailouts.  The money, according to the banking industry, was needed to keep them afloat and operating.  Yet now that they still are, they are seeking to further reduce the levels of true service they provide to the American public.

Worst of all, they are using the American people’s money to finance lobbying that is aimed at reducing the standing of the American people when the latter engages in business with their banks.  In other words, practices that to a large degree made the bailouts necessary.  They have taken money from the American public without recognition of whence it came, and certainly with no regard.

That has brought us to the current situation:  banks have operated inefficiently and wrongly, leading to problems within the banking industry and requiring the need for federal bailout funds.  That money has been taken by the banking industry and is now being used to lobby for further laws that will strengthen their efforts to operate inefficiently and wrongly.  The question that obviously comes to mind is what will happen the next time they have reached a crisis stage and public bailout is no longer an option?

It can still be recalled when banks started several decades ago charging people for having savings accounts at their institutions.  It started with one bank, and the reaction was ridicule and laughter from those who noticed.  ”How can they impose fines and set fees for saving?” was the question most often asked.  The practice spread, and it is now common.  It mirrors what has happened within society as a whole, where services are no longer provided.  Instead, everything – as in EVERY thing – has a cost that is passed on to the consumers.

Despite that, big business, including the banking industry, tells us they cannot turn a profit and federal bailouts are required.  But they do not stop paying head officers outrageous sums of money that are not proportional to what they are doing.  Nowadays, they are running the businesses into the ground while handsomely rewarding those controlling the running.  Even worse, they are now apparently using our money to finance the defense of doing so. – George Curcio