Wednesday, June 10, 2009

Maybe Obama knew what he was doing after all...

Though I'm sure the Republicans don't see it as anything close to a validation, when 6 large banks are able to repay their government loans, I think it's news.

JP Morgan Chase, Goldman Sachs, Morgan Stanley, US Bancorp, and Capital One have all passed the government tests and are being allowed to repay their loans. These six banks are giving back $55.2 billion dollars to the US government. 4 smaller banks are repaying loans as well to bring the total to $68 billion. 

So much for the idea of bankrupting our future.  While there is still much work to be done and not all of the banks that received funds from the government are ready to repay their loans, the fact that the likes of JP Morgan and Goldman Sachs, not to mention Captial One with crazy ads, are able to give back the money the government loaned them with interest tells me that we may just get out of this fiasco in one piece. 

Now its time to look at the regulations and causes of the crisis so we can avoid another meltdown. bet the Republicans will try to blame the problems on the Dems and Obama.  Heaven forbid they actually take responsibility for their actions.

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