Anyone else see the quarter page ad Laconia Savings Bank ran in the Union Leader today? In a nut shell it says "We didn't make sub prime mortgages, we didn't lend to Wall Street, and because we lent our money wisely we have plenty of capitol and we are still making loans."
Judging by today's mail Amex still wants me for a customer and Countrywide still wants to lend me more money.
So, if this is the trend with the Main Street banks, where's the problem? Sure smells like Wall Street.
This money is coming from one place. The printing presses. The net effect will be to instantly devalue the US Dollar by about 10%. At the same time, a substantial portion of this bail out money will go to foreign investors, not Americans. I'm sure that will help the country!
On tonight's WMUR news Carol Shea Porter is saying she likes the bill now because it contains "money for disaster victims". Funny, but I seem to remember that there was NO money for the individuals who's homes were damaged in the tornado and floods here in New Hampshire.
Sweetening this bill with things like tax cuts, disaster relief, FDIC insurance expansion and the like is nothing more than legislative terrorism. If these are good things they should be voted in anyway, and not used as pork to grease this bill in. And of course, no one is saying just how much extra these things will add to the cost of this bill.
Even if the Feds get a great deal on these distressed properties and make money when they sell them do you really think that they will use that money to repay the debts they ran up? If so, I have just two words for you: Social Security.
I hope everyone who dislikes this bill will call Carol Shea Porter at (202) 225-5456 tomorrow and let her know that if she votes for this bill, you won't vote for her. Pass the number on to your friends.
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