Because the numbers nationally are so huge, we've become deadened to the amount of money that's being sucked out of our pockets. The average person can't relate to numbers with 12 zeros.
One way to get things back into perspective is to look at specific instances of spending bailout money in this "crisis." That's what I want you to see in this morning's post.
Congress is trying to out-stupid the Banking Industry by spending money they don't have on things we don't need, all the while telling us how bad the economy will really get if we don't let them spend. The Banking Industry is giving them a run for their money, though, when it comes to un-necessary spending, and here's a case in point.
Nine banks who got your money without strings attached are spending nearly $900 million to "get their names out there" with sports arena naming rights.
- Citigroup: $400 million to put its name on the new ballpark for the NY Mets.
- Bank of America: $140 million to slap their name on the Carolina Panthers Stadium.
- Chase: $66 million for the downtown Phoenix stadium that's home to the Diamondbacks.
- Comerica: $66 million for the Detroit Tigers baseball park naming rights.
- PNC: $40 million for the Pittsburgh Pirates park.
- Wells Fargo: $40 million for the Philadelphia 76'rs venue
- well, you get the idea...
"It's not TARP money," they all say. I guess it must feel different to the taxpayer and the accountants because the money came out of another pocket?! Who fills those pockets in the first place?
Call me if I can help you with a mortgage to buy your next house or refinance the one you have:
photo of Chase Field courtesy Wikipedia