Support on an Auto Bailout!!!

Discussion in 'Economy' started by Navy1960, Dec 8, 2008.

  1. Navy1960
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    Navy1960 Senior Member

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    NEW YORK (CNNMoney.com) -- The Treasury Department said Monday that it has dispersed $33.56 billion to 21 banks in a second round of payments as part of the $700 billion bailout program designed to boost the nation's banking system.

    The new distribution brings the total to $158.56 billion so far. The government previously distributed $125 billion to nine banks in the form of stock purchase programs.

    In this second round, Minneapolis, Minn.-based U.S. Bancorp (USB, Fortune 500) received the largest amount of $6.6 billion. Atlanta-based SunTrust Banks (STI, Fortune 500) received $3.5 billion, as did Birmingham, Ala.-based Regions Financial Corp (RF, Fortune 500). Capital One Financial Corp. (COF, Fortune 500) based in McLean, Va., received $3.56 billion. The smallest amount of $9 million went to Los Angeles-based Broadway Financial Corp
    Treasury pays out another $33.56 billion to 21 banks - Nov. 17, 2008

    The Federal Govt. has gone down a road that it can now no longer return. Once the original 700 Billion dollar Bait and Switch or shall I say bailout was passed it has now become a Free for all complete with K Street type lobby firms seeing who can get a part of the money. This disaster was placed upon this nation on the pretext that if we didn't do something now that credit would freeze up and things would collapse. Well anyone happen to notice a difference? The facts are that this money has gone to these banking firms who are using it to aquire other banks as well as some investment firms who are declaring themselves bank holding companies for the sake of getting a part of the money. Not one SINGLE attempt has been made under this scam to actually rectify the problem it was supposed to rectify and that was to Free up the Credit markets. If this money had provided the actual stimulus that it was sold under then of course the auto companies would not be in front of congress asking for "bailout" money to save them partially based on a credit issue amongst others. So I have come to the conclusion that the Federal Govt. has given the American people a real example of JUST where their priorities lay and that is not with the people they represent. While they are more than willing to take our tax dollars and my daughters future and leverage it for some banking friends they are not willing to help those same taxpayers who may lose a job as a result of an auto industry failure. Let's take a look at a partial list shall we of who has gotten large amouts of cash.

    AIG - That was a seperate bailout
    CitiBank
    Fannie Mae/ Freddie Mac
    Bank of America
    Too many banks to mention.

    In about 99% of the cases these companies are required under TARP rules to submit a 3 page request as to the reasons they need the funds. Even after getting those funds in many cases, these banks will aquire other banks with those funds and at the same time citing economic issues lay off those same taxpayers that are funding this big rip off. So now we have the auto companies that are as has been debated here so many times that come to congress and ask for funds to survice. As to the reasons, there are many and we can all agree that they are not doing well and while we may disagree on the reasons, we can agree that it is not just one reason they arein that position, but a combination of many. The bottom line is that MANY Americans work for these once great companies, you know, the same people that paid taxes to bail out the banks that are not lending money to buy the cars they build. I have long advocated that the auto companies should seek reorganization and have not changed that position, but in this case if those TARP funds cannot be used as they were initially intended by those banks then TAKE THEM BACK. Further, if you plan on giving money away to institutions then prehaps it might be a good idea to give money to an institution that will continue to fund your big rip off through it's workers tax payer contributions. All that said though, do not make the auto companies jump though hoops that you did not make all your friends in the financial sector jump through. It is very obvious that congress knows they got caught by the Amiercan people with their hands in the cookie jar by the manner in which they are putting contidtions on the loans to the auto industry. Where are the those conditions on the TARP money? Has anyone required a TARP review or perhaps that AIG or Citi execs sell their corporate jets? However, this problem can be solved with a plan that includes a recoginition by congress that they represent the people of this nation first and foremost and the businesses they create afterwards. So in conclusion, while I have called my congressmen and informed him that I had supported a no vote on any bailout for the auto industry, I will support ANY and ALL support for the auto industry and a total refund on ALL the TARP funds from the financial sector.
     
  2. Paulie
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    Paulie Platinum Member

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    So what you are going to do about it, Navy?
     
  3. Navy1960
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    Navy1960 Senior Member

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    About the only thing I can do Paul, and thats call my congressmen and be ingnored. It is my belief that the representation in Washington needs to be flushed down the collective toilet and done so often. (i.e. term limits) IMHO the Fed. Reserve has also shown for all to see how incompetent they really are for all to see and the need for that dept. to be completely revamped. The lack of leadership on this crisis on Washington is obvious for all to see and shows when a crisis of this nature hits each person runs to their collective interest group rather than the people they represent. So if that is not a case to rid ourselves of these people I don't know what is.
     
  4. Paulie
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    Paulie Platinum Member

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    You can do more. A LOT MORE.

    Join groups that are actively seeking more people to help with the cause. The power is in numbers only. If you remain only one voice, you get nowhere. If you join a group and get yourself heard en masse, you will make progress.

    If everyone who CARED about this mess joined together and took their beef to Washington, it would be over.
     
  5. NOBama
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    NOBama Senior Member

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    We're a nation of whiners, we don't do jack about squat. That's a FACT Jack!
     
  6. editec
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    editec Mr. Forgot-it-All

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    Perhaps watching people who do get very involved suddenly becoming personae non grata in their profoession careers might have something to do with that, eh?

    The chilling effect does have a way of keeping people in the places.

    Can I prove that that is what happens to activists?

    No.

    But that's exactly why that aspect of power and control over our population system works so damned well.
     
  7. Navy1960
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    Navy1960 Senior Member

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    Listen the point here is this, if you and I applied for an SBA loan let's say and we did so under false pretenses or took the money the Fed. loaned us and did not use it for it's intended purposes then we would be guilty of fraud. In my mind when a bank takes money with the intention of using it to "Free up Credit" and refuses to loan money but rather denies credit to people and further uses that money for the purpose of purchasing other banks they are equally guilty of fraud. As a tax payer, when these banks take my tax money to free up the credit markets they damn well better do it or give the money back. If anyone wishes to call that whinning then so be it . I will not stand by and let my government take my tax dollars and defraud me without at least voicing an opinion on it to those that represent me. Now as for being involved with groups that do this Paul, thats a great idea and I am not above doing just that.
     
  8. Paulie
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    Paulie Platinum Member

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    Meetup.com.

    Look for your local area, and find your particular niche with a group that best represents the issues you're most concerned about.
     

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