"Government's bailout.... fraught with hidden strings and government interference.... government's going to own a good portion of these banks.... Then Congress and the White House could start calling the shots"
That's FASCISM, AmeriKa!!!! All for YOUR OWN GOOD, right?
"Small banks saying no thanks to bailout; Loans come with too many strings" by Associated Press | January 30, 2009
WASHINGTON - A small but growing number of community banks are backing out of the government's bailout, which they see as fraught with hidden strings and government interference.
I'm glad I bank at a community bank.
About 20 banks so far that applied for or had been approved to receive about $1 billion combined in taxpayer money have reversed course in the past month. That's just a fraction of the hundreds of billions of dollars the government already has spent, but it shows that taxpayers aren't the only ones anxious about the financial bailout.
I would like to thank them.
"The government's going to own a good portion of these banks," said David Heintzman, president of Stock Yards Bank & Trust in Louisville, Ky. The bank recently turned down $43 million in approved bailout money.
Thank you!
After Congress approved the $700 billion bailout in October, the government gave banks only a few weeks to decide whether they wanted to take part in the government investment program. Many applied to get a foot in the door, in case predictions of an economic collapse came true.
"We drank the Kool-Aid," said Michael Ross, president of Fidelity Bank in Michigan, which applied for about $29 million. But as details emerged, the deal didn't look so good. For Fidelity, taking the money would mean the government would have owned about 25 percent of the company's outstanding stock. Then Congress and the White House could start calling the shots, Ross said. He remembers the government's failure overseeing Freddie Mac and its sister company, Fannie Mae.
Does that mean you have to Sig Heil salute when you show up for work?
Much of the criticism about the bailout has focused on the lack of oversight, which allowed banks to take money and refuse to say where it's going. But some community banks, which had little to do with the subprime mortgage crisis, say the deal didn't look great for them, either.
After the Congresscrappers told us they got all that in the bill.
Congress wants banks to make loans, so businesses can expand and people can start buying houses again.
Yeah, LOAN YOU YOUR OWN MONEY -- at INTEREST!
And CUI BONO (cha-CHING)?
But lawmakers also want them to make only trustworthy loans. But there are only so many good loans to make in a weak economy.
Translation: YOU ain't getting one, s***-slurping 'murkn!
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Related: U.S. Banks Driving Credit Crunch ON PURPOSE!!
Oh, ANOTHER MANUFACTURED "CRISIS" -- just lie 9/11!
