mr. blackandwhite

The dirty little bailout secret
November 4, 2008, 12:30 pm
Filed under: Current Affairs, Don't Tread on Me, Life in General

Sorry but I just had to post this. I can't let it go and I will continue to put this stuff up here and try to help make people aware of this f-ing SHAM that has been perpetrated on us.

From The New York Times story So When Will Banks Give Loans:

"…the dirty little secret of the banking industry is that it has no
intention of using the money to make new loans. But this executive was
the first insider who’s been indiscreet enough to say it within earshot
of a journalist.

(He didn’t mean to, of course, but I obtained the call-in number and listened to a recording.)

billion dollars is obviously going to help the folks who are struggling
more than Chase," he began. "What we do think it will help us do is
perhaps be a little bit more active on the acquisition side or
opportunistic side for some banks who are still struggling. And I would
not assume that we are done on the acquisition side just because of the Washington Mutual and Bear Stearns mergers. I think there are going to be some great opportunities for us
to grow in this environment, and I think we have an opportunity to use
that $25 billion in that way and obviously depending on whether
recession turns into depression or what happens in the future, you
know, we have that as a backstop."

Please click on the link above to read the whole story if you think you can stomach it.

I would encourage you to look into your representatives' voting record. By the way, my rep, who voted for the bailout twice, even though he was instructed not to by the majority of his constituents, (before they turned off the web server that lets you e-mail your rep that is,) is running un-opposed. That really pisses me off. Unfortunately I learned about this too late this time around. I admit it, I was not paying close enough attention before. But they have my attention now and this situation needs to change in 2010.

Have a great day!

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