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MasterHypnotist -> RE: TCF Refuses $361M in TARP funds (3/5/2009 2:46:12 PM)
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quote:
ORIGINAL: slvemike4u
What banks were forced to take TARP monies?
In addition to TCF, another financial institution is Northern Trust. It's mentioned in the news article. Tthe news person continues, "Was money almost forced on the banks?" TCF CEO Bill Cooper addresses this, (near quote) "The Regulators strongly suggested we take the money.... Usually when the Regulator says 'Jump!' you say, 'How high?"
It's the time of hope and change... or a big federal stick. What the congress has done to the banks, they now want to do to Health Care.
Under the Government Accountability Office's (GAO) Long-Term Budget Scenario, publicly held debt will be 60.8% of GDP by 2020 and 188.4% of GDP by 2040. This is Economic Stimulus? The Long-Term Budget Scenario assumes discretionary spending grows with GDP and all expiring tax provisions are extended. (The Concord Coalition, http://concordcoalition.org/learn/debt-facts)
Somewhere along that line, Social Security goes broke because Congress, which knew the numbers back in the 1970s, hasn't done a damn thing about it... except to keep on stealing money from it to make other numbers look acceptable.
Another thing... Why is it bad/wrong/unsafe for me to substitute stock or mutual fund investing for SSI contributions for my long term retirement funding (stocks are best suited for long term investment) but it is perfectly acceptable for the federal government to purchase stock in banking, consumer credit, insurance and manufacturing... for short term economic stimulus?
Why give money to corporate entities, when you can give it individuals who will (mostly) give it to the corporations? I have a six figure debt due to medical bills and the following business losses. Instead of missing mortgage payments and putting our house at immediate risk, we ran up credit card debt. Why not give that money to Citi Bank... through me?
Nah,
MH
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