Our “too big to fail nine” money center banks seem to be on a multi-billion dollar a month stipend, and nobody seems to care. The Fed and the Treasury have created the TARP program, and yet they have not helped a single financial institution deal with a single troubled asset.
The Treasury now boasts that they have actually made an $8 billion dollar profit on the first tranche of the TARP funds. Yet none of this has helped to save one job in the communities that we all live, breathe, and work in.
In fact, those banks have done nothing with the hundreds of billions of dollars that they received from our government to help any homeowner or business person. They have instead, cut off funding of mortgages, credit lines and business loans, and caused our economy to grind to a halt. Our government has been so completely preoccupied with the “too big to fail nine” that the other thousands of community banks are left in an unfair environment that requires competing with a government subsidized industry that borders on nationalization.
But it is the community banks, banks like our own North Jersey Community Bank, that continue to lend and support our communities. Our bank, like so many others around our country, is profitable, continues to expand, continues to hire, and has done so without accepting a dollar in TARP money.
How do we do it? Our stockholders all bank with us; they live in our market, and they provide the foundation on which to build a strong institution. Our lending is only done with customers that we have met in person, and on property that we have personally visited. Our depositors, are all known on a first name basis, and spread the word that they bank with the strength and security of a local community bank. Our employees come to work each day knowing that what we do is good, and supports the communities that they live in. They feel secure in their jobs and appreciate that our strength allows them to continue to buttress our economy at a time when most fear what tomorrow will bring. We continue to bolster our local charities, and non-profits, as the nationals withdraw their support at this crucial time.
What is wrong here, and where is the outrage???