Phil Cannella Interviews Andrew Huszar: Part 7

Phil Cannella – Phillip Cannella News

Phil Cannella: “Why didn’t the banks lend money?

They were given $1 trillion. Why did the government depend on it being trickled down? That’s like us giving a thief the keys of our car and say, ‘valet park it for me.’ Why would it be that way? Why wouldn’t these banks lend the money out?”
Andrew Huszar: “Well I think ultimately because they got so much, and this is my opinion, but I think they got so much, they got bailed out in so many different ways, that ultimately they weren’t really forced to confront the implications of what happened.”

Phil Cannella: “It’s kind of like a form of atrophy right?”

Andrew Huszar: “Yeah, it’s business as usual, right? If you mess up and suddenly you don’t deal with the consequences of your mess, why would you change how you’re doing things? So banks kept on doing what they were doing, which was really just worrying about themselves, and so a lot of the cash they got from The Fed, they turned right around and they actually did what a lot of us did, which is that they started investing in the markets, because they figured, if The Fed is pumping this much money into the economy/into Wall Street, it’s going to help the financial markets. So that’s exactly what the banks did, and you know the banks – the big Wall Street banks in particular – the six biggest ones, which are such a huge part of our economy, their business models still aren’t entirely oriented around lending or lending to the U.S. consumer.”

Phil Cannella: “Aren’t some of these big banks also a part of the Federal Government?

Andrew Huszar: “We are in a position where we have big corporations in America and those big corporations have lobbying dollars and have a lot of credibility because they are such an important part of the economy.”

Hear more from the interview with Phil Cannella and Andrew Huszar on The Crash Proof Retirement Show®. Saturdays at 11am and Sundays at 1pm on Talk Radio 1210AM, WPHT!

One thought on “Phil Cannella Interviews Andrew Huszar: Part 7

  • Phil Cannella

    Phil Cannella – Champion of Consumer Advocacy
    With the uncertainty and volatility of the market, Phil Cannella, with First Senior Financial Group, prides himself on ensuring a safe retirement future for senior consumers. With an unparalleled devotion to educating seniors, Phil Cannella works endlessly to know and understand the ever changing tax laws and economic changes that can adversely affect one’s nest egg. Thousands of senior citizens have gone through First Senior Financial Group’s education process and learned how to have up to an 85% tax free retirement income.
    As if that isn’t reason enough to respect Phil Cannella, the truly amazing thing about how he runs First Senior Financial Group is that he never takes a dime from the seniors who come to him to be educated. Everything he teaches and everything he offers comes free of charge. That is the true mark of a consumer advocate, someone who cares enough to help you without asking for anything in return.

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