Where's the help for average consumer?

The federal government has been bailing these banks out for a long time. This is not a recent occurrence.

History will show that the IRS, Federal Reserve, Congress and now, the Federal Reserve will again infuse cash in the form of "$900 Billion in cash loans to squeezed banks."

For what, mismanagement? Gross negligence? Greed?

It certainly isn't to stimulate the economy.

The Federal Reserve is not helping the daily consumer. I only see another opportunity for banks to profit and bank executives to get richer.

How does the government plan on assuring this action will benefit the end consumer?

It didn't happen in 2007 when the government wanted to stimulate the economy by introducing four consecutive rate cuts.

What did the government do to assure the rate cuts would be passed onto the consumer? Not a thing.

The banks did not pass along those savings or interest rate cuts onto the consumer. It only fostered more profits for the banks.

What about the tax write-offs for bad loans at the end of 2006 fiscal year? Banks took huge tax write-offs for bad loans, hence the IRS bailout.

These large tax write-offs assured the banks' bottom lines showed profits, bank executives kept their jobs and the banks' stock valuations did not plummet.

What about the large salaries of bank executives?

Wachovia's Kennedy Thompson, having had lackluster performance, the company's board showed its displeasure and granted him premium priced stock options valued at $8.2 million. His total compensation was more than $21 million.

Or how about Washington Mutual's Chief Executive Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job.

The federal government is funding the retirement of banking institutions' senior executives for the sake of saving the economy.

What about the average consumer?

I can only guess who will be bailing out the government.

Sean Herling

Mount Prospect