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Sunday, February 22, 2009

Some Bankers Not Happy With Obama

Told you the Bank Bailouts, along with everything else Obama does, is not as it seems.

Hey folks,

There are a lot of people that are not happy with Obama's Bank Bailouts. Some of the people that are not happy with it, are BANKS. BG sent this in to me. Thank you BG. This is from the Minneapolis-St. Paul Business Journal - U.S. Bank CEO: TARP program is lousy

While government leaders were well-intentioned in setting up the Troubled Asset Relief Program, it’s a “lousy program,” U.S. Bancorp CEO Richard Davis said at a business leaders forum Tuesday.

Yeah, Good intentions BAD consequences. But pay attention to this.

U.S. Bank was told, not asked, to participate in the program, which is a "Darwinian" attempt to “synthesize” weaker banks into stronger banks through consolidation, Davis said at the forum, held at Thrivent Financial for Lutherans in Minneapolis. U.S. Bank (NYSE: USB) sold $6.6 billion in preferred stock with warrants to the U.S. Treasury in November through its capital purchase program.

“There’s no A, R or P in TARP,” Davis said, adding that “troubled” is the only word in the phrase that’s accurate. “The ‘asset relief program’ has yet to occur.”

The problems with the U.S. Treasury Department’s program are that its goals and rules have changed since its inception last fall, it’s poorly defined and it’s caused collateral damage to healthy banks.

Nationalization folks. They are even openly talking about that.

Davis said he would be “darned” if Minneapolis-based U.S. Bank would suffer collateral damage from the government’s “sloppy attempt at nationalizing the [banking] industry.”

U.S. Bank, which has $247 billion in assets, was the sixth-largest commercial bank in the country as of the end of the third quarter of 2008. It has more than 2,500 banking offices in 24 states.

So why are they being TOLD to participate? Because Obama and crew want to take them over. The Nationalization of the Banking industry continues, and now we have MORE money coming to buy MORE banks. How is this going to help the economy? It's not. It was never intended to.

I hope more people wake up from the Obamaid daze and start really understanding what is going on right in front of them. All you hear is how the Government is bailing out these evil bankers who are misusing the money and NOT helping people in trouble. Well, that is partially true. But it is the Government telling them NOT to help. It is the Government in essence BUYING these Banks up. Forcing them to eat each other to reduce the number, making it easier for the Government to come in and take over the FAT Banks that are in dept to them. Get the picture?

Be right back.
Peter

Sources:
Minneapolis-St. Paul Business Journal - U.S. Bank CEO: TARP program is lousy

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