Posted by CrabbyCon on April 6, 2009 · 1 Comment
What are we all supposed to make of this? Why is calling something socialist such a bad thing nowadays? It’s not like Europe isn’t “out of the closet” socialist. Stop with the denial already and let’s call a spade a spade. I will write more on this blatant denial this week in an op-ed piece.
As many of us, who are on top of the news cycles, are aware, TARP funds from when President Bush was in office during the first bailout of late September, have been given back to the government. At least that’s what many are attempting to do.
The issue at play is the media is making a huge deal about all the “big guns” in the financial industry like Bank of America, Wachovia, Citibank, AIG etc. but they do not disclose that many of the smaller banks, those that are local or regional to specific states), were safe from the economic crisis because they did not get involved with hybrid securities, mortgage-backed loans or the sub-prime market.
These small banks don’t want the TARP money, they never did want it. The main reason they didn’t want the hand-out was knowing there would be strings attached from the government. We have seen what taking government/taxpayer funds has done to the likes of GM, Chrysler and AIG. I’m sure we will see more from Citibank and Bank of America in the coming months as well. The government can control what you do and how you do it. No need for a board of directors – the government will pressure the CEO to leave. No need for bankruptcy court, the government will make sure you meet its plan to restructure and then produce things that it deems acceptable – like green cars.
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Filed under Auto Industry, Bailouts, Economy, Obama, Obama Administration, Socialism, Stimulus, Treasury, Wall Street · Tagged with Auto Industry, Bailouts, Banks, Economy, Financial Sector, Geithner, Obama, Obama Administration, Power Grab, Socialism, Stimulus
Posted by CrabbyCon on March 16, 2009 · Leave a Comment
I wonder why nobody has reported the good news or made mention of Governor Palin/Sarc.?
Her name would surely be mentioned if this was bad news IMHO…
From Drudge:
Most major banks and credit unions in Alaska seem to be in good health, despite the worsening news about the economy and the recent bailout of troubled national banks.
One positive sign is that many of the state’s largest banks and credit unions grew in local profits, revenue, loan activity or deposits last year. Read more
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