SHOW ME THE MONEY

So there’s this article on Fox News this morning asking the question that everyone seems to be asking. How are the banks spending the money that they’ve been given so far from TARP. Keep in mind that TARP stands for Troubled Asset Relief Program. The idea is that the banks would use the money to somehow offset the bad loans they made, giving the debt holders some relief – the plan being to get the money back into the economy so things will pick up all over.

Until the banks are given some relief and then pass it along to homeowners in trouble, we will still have a glut of housing inventory which continues to push prices down and causes the housing market to stay stalled – which, of course, stalls the entire economy.

According to this article, some of the banks won’t answer (or don’t know) where the money went. Interesting reading.

I hope that the new administration demands answers and takes the money back if it’s not being used the way it’s supposed be used.

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