Bank profits jumped 21 percent last quarter to nearly $22 billion, the highest level in three years, as banks put away less money to cover future losses, fewer borrowers fell behind on payments and lenders paid the least for their funds in perhaps 50 years, a government report released Tuesday shows.
Lending also dropped by about $96 billion, or 1.3 percent, as borrowers continue to remain skittish about the "slow recovery," Federal Deposit Insurance Corporation Chairman Sheila Bair told reporters Tuesday in Washington. "Consumers and businesses need to have confidence in the recovery before they will start making decisions on credit," Bair said, according to a transcript of her remarks.
The banks make record profits, and the people that paid for their recovery and bailout still can not get loans or help with their lives. How is this right? I say: People Stand up. Tell the people you voted for in congress that you want change. We have to have real finance reform. We have to have real healthcare reform. Obama may have tried but it is not nearly enough. He has to stand up to big business and raise taxes to pay for the services citizens need and he has to change the way campaigns are financed. This is the root of all the evil in our political system today. Take the power away from the lobbyists.