Bailout money a drain on the economy

It’s pretty obvious nobody should ever have received any bailout money.

On Wednesday morning, the CEOs of America‘s top remaining financial institutions — JP Morgan Chase, Wells Fargo, Morgan Stanley, Citigroup, Bank of America, Goldman Sachs, Bank of New York Mellon and State Street — sat before the House Financial Services Committee to explain what some lawmakers have called abuses of the billions in federal bailout money distributed to them late last fall. Though the ailing banks had already clearly demonstrated fiscal irresponsibility by squandering their own funds on superfluous perks such as corporate jets and company retreats, the Bush administration reluctantly awarded them billions of tax dollars so that they could continue lending to struggling individuals and small businesses. Three months later, we find out — surprise, surprise — that‘s not really how they‘re using the money.

Bailouts and blame won’t solve woes

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