The bailout for the financial industry has been somewhat of a mystery to me. I have been busy with work and have not been able to delve into the details. So … watching from afar, I am not sure what to think. When I heard, "they are too big to fail," I thought of the working men and women I represent and how beholden they are to their present jobs. It made sense. Give them the money they need so that economy doesn’t completely collapse. Banks will then be able to loan some of that money to the people that need it and the system can start to correct itself. Money is flowing again.
But that is not what has happened. The money went into their coffers and then … nothing. I say "seems" because the banks won’t talk with us. It would seem to be pretty simple – when you get a gift check, you send a thank you card telling grandma how you spent it. But we have not heard a peep from the financial industry. Oops – we have. They want the rest of the money Congress has okayed. But they don’t want to tell us what they will do with this new money, either. My clients who were hurting before the bailout are still hurting – no foreclosure relief and no loans.
As i see it, the ball is in their court. If I want a business loan, I have to present a business plan. Are we suckers, or what? What are we going to do about it?
Cum Laude graduate of Cumberland School of Law, Pet Mackey is a civil trial litigation expert who represents plaintiffs in business and consumer tort, contracts and construction, employment disputes and insurance. He is board certified as a Civil Trial Advocate by the National Board of Trial Advocacy, a Certified Alabama Mediator, and an “AV” rated lawyer by Martindale-Hubbell.