Senator Mike Prusi on President Obama's economic stimulus package

by: Senate Dems

Thu Jan 29, 2009 at 16:06:04 PM EST

Let the Revolution Begin

by: Kathy

Mon Dec 08, 2008 at 12:54:26 PM EST

Illinois Governor Rod Blagojevich announced Monday that he is asking all Illinois government agencies to suspend business with Bank of America. Blagojevich contended that Bank Of America received a multi-billion dollar bailout from the government and should accordingly restore credit to the Republic Windows & Doors company in Chicago

Click here to listen to Blagojevich's news conference. Good stuff. It's about time our leaders start holding these financial companies accountable.

Wall Street Enjoys Favored Status

by: Kathy

Mon Nov 24, 2008 at 08:45:59 AM EST

If you had any doubt at all about the primacy of Wall Street over Main Street; the utter lack of transparency behind the biggest government giveaway in history to financial executives, and their shareholders, directors, and creditors; and the intimate connections the lie between Administrations -- both Republican and Democratic -- and the heavyweights on Wall Street, your doubts should be laid to rest. Today it was decided the government will guarantee more than $300 billion of troubled mortgages and other assets of Citigroup under a federal plan to stabilize the lender after its stock fell 60 percent last week. The company will also will get a $20 billion cash infusion from the Treasury Department, adding to the $25 billion the bank received last month under the Troubled Asset Relief Program.

Reich said this wasn't particularly a good deal for American taxpayers, but it was a marvelous deal for Citi. What about Main Street?

Meanwhile, more than a million workers in the automobile industry, along with six million mortgagees, and a millions of Americans who depend on small businesses and retailers for paychecks, are getting nothing at all.

Financial industry vs. auto industry double-standard

by: Kathy

Tue Nov 18, 2008 at 11:31:39 AM EST

Dutch insurer Aegon has applied for more than $1 billion in U.S. government support and may buy a small U.S. thrift company to be eligible for the funds, it said on Tuesday.

Aegon already received $3.8 billion in capital support from the Dutch government and admitted they're not experiencing liquidity problems, but they're thinking of buying a failing thrift company, Suburban Federal Savings Bank in Maryland, in order to be eligible for the U.S. bailout money. They're essentially double-dipping to make themselves bigger and stronger at taxpayer expense.

Suburban Federal Savings has one corporate office and 7 branch offices. Can someone explain to me why it's necessary to buy these small regional banks versus letting them fail? They probably employ only a few hundred people compared to the hundreds of thousands of people employed by the Big 3.

It sounds like a scam to me, and Aegon isn't alone in scamming the system. Genworth Financial and Lincoln National are planning to buy small savings and loans companies and apply for federal support too.

If companies are waiting in the wings to pick up any lost production from a Big 3 failure, then why isn't the same principle being applied to banks? Surely there's a Chase, Comerica or some other bank waiting in the wings to pick up Suburban Federal's customers. If it's good enough for the Big 3, it should be good enough for financial institutions too.  

Video: If The Auto Industry Collapses

by: io

Mon Nov 17, 2008 at 15:15:17 PM EST

The next financial levers to be pulled?

by: terrybankert

Fri Oct 10, 2008 at 05:37:06 AM EDT

STOCKS ARE ON TRACK FOR THEIR WORST YEAR SINCE 1937.

But you know that, its all over the world press.

One article said " ...bailouts have failed to quell panic in markets leaving policy makers under pressure to pull even more policy levers." Policy makers! The presidential candidates are both buying ad's., President Bush is trying to calm us. My policy makers include Flint Congressman Dale Kildee, U.S. Senator Stabenow and U.S. Senator Carl Levin. Have you heard from them? How much more of our tax dollars will be given to private banks? You might call them up and ask. If you are not from Flint contact your congressman, ask questions.

Terry Bankert
http://attorneybankert.com/

Try contacting
http://www.house.gov/kildee/
-
http://stabenow.senate.gov/
-
http://levin.senate.gov/about/

97617

Bailout, is it working?

by: terrybankert

Mon Oct 06, 2008 at 12:13:36 PM EDT

Did our Congress over react with the financial bailout?

Did we add to the rushed vote by our own concerns raised to our Congressional delegation?

The world markets seem to be continuing to collapse.

If that happens will we regret the bailout?

Will the biggest financial crisis of our lifetime be compounded by the worst legislation passed by Congress in our life time?

Its amazing how much power was given to treasury Secretary Henry Paulson.

Do we have accountability provisions in place to monitor his activity?

The free market does not work in America, once again we have been forced to suffer the bad decisions of the nations financial managers.

Yet something has to be done, we just cannot stand by and watch the nation collapse.

We are facing our worst recession in the last 50 years and the world markets are reacting in a similar manner, payrolls plunge, credit markets freezing.

One Congressman said, which I agree with "Just throwing money at the government and allowing the government to hand it out'' won't fix the credit crisis."

Some Democrats had demanded that bankruptcy judges would have the right to reduce the principle on mortgages, this failed , it would have helped a lot of families. In the end as another said ``The risk of not acting is much bigger than the risk in acting,'' We could not afford to let the credit crisis stop the country economically.

But now what?

This plan was to restore our confidence in the American financial markets. We are paying for this. Now is the time for our congressional delegation to tell us what happened, is the crisis continuing, what will be the oversight of the bail out and what changes will congress make to stabilize us economically?

As for the Presidental hopefuls McCain appears to be out of touch, out of ideas and running out of time. We will look to Obama.

WHAT HAPPENED YESTERDAY.....

by: terrybankert

Sat Oct 04, 2008 at 05:35:44 AM EDT

What happened to us yesterday? Bailout, who got bailed out? The foreclosure signs are still on the windows, gas around $3.50 a gallon, middle class kids cannot afford college, UNEMPLOYMENT GOING UP?

The middle class did not get bailed out, the moneyed class just had their economic lives "extended" when the free market doctrine they have crammed down our throats should have taken them out. Any bill George W. Bush rushed to sign cannot help me, you or your kids.

The money republicans changed the theory of their game plan and caught the democrats, protectors of the middle class, off guard, ill prepared, flat footed, afraid of their shadows, heads in the sand.

Here is what they did: Moved the vote first to the Senate, that musty stateroom of elitism. Included other measure/the new pork called extenders. And increasd the FDIC limits. Rich people have more money. Got to protect them just in case this new "plan" does not work. We all get to cover their losses again.

I hope there is a CSI episode with a forensic accounting analysis of what the "hades" just happened to your economic future!

You will never guess, but the bailout helps the companies by reducing funding for programs to help the common person. For instance " the bill lists dozens of tax breaks for companies and industries large and small.

THE NEW PORK!

1. Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children

2. Sec. 317. Seven-year cost recovery period for motorsports racing track facility

3. Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands

4. Sec. 301. Extension and modification of research credit

5. Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation

6. Sec. 601. Secure rural schools and community self-determination program.

7. Sec. 201. Deduction for state and local sales taxes

8. Sec 502. Provisions related to film and television productions

9. Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds
10. Sec. 309. Extension of economic development credit for American Samoa

Other Examples:
Here are some other interesting provisions

Sec. 201. Inclusion of cellulosic biofuel in bonus depreciation for biomass ethanol plant property

Sec. 211. Transportation fringe benefit to bicycle commuters

Sec. 323. Enhanced charitable deductions for contributions of food inventory

Sec. 324. Extension of enhanced charitable deduction for contributions of bookinventory

Sec. 602. Transfer to abandoned mine reclamation fund

WHAT DO YOU THINK?

I AM MAD AS HADES AND AM NOT GOING TO TAKE IT ANY MORE. I 'd run for congress if my wife would let me, ...tough guy eh....

10/04/08
By Terry Bankert
contact through:
http://dumpmyspouse.blogspot.com/  

More information needed on bail out

by: terrybankert

Tue Sep 30, 2008 at 08:34:18 AM EDT

The enemy of my enemy is my friend, meet Wall Street.

by: terrybankert

Mon Sep 29, 2008 at 08:03:02 AM EDT

Meet my new best friend , the Wall Street Banker.

Why, because we have a mutual enemy in those forces threatening the financial collapse of the United States.

The $700 billion financial rescue that Congress proposes will enrage us. Congress is caught between a rock and a hard spot. Just ask WHAT IS MY CONGRESSPERSON SAYING ABOUT THIS?

Our representatives want it to pass, though not with their vote after it has been trashed so relentlessly in the press as a Wall Street "bailout."

Something must pass to shield middle America from further harm caused by the mistakes of Wall Street and Washington. Harm caused in part by the Wall Street Bankers.

Working with our new friends the middle class through its elected leadership must minimize the damage and chaos financially facing this country.

But when the dust settles we must fight our new friend politically for regulations and oversight of our financial markets.

We must commit to this fight s with "most righteous" indignation and great anger.-

Posted here
9/29/08 BY Terry Bankert
http://dumpmyspouse.blogspot.com/

An Open Letter to Mid-Michigan's Federal Lawmakers

by: Ted Kilvington

Fri Sep 26, 2008 at 21:46:47 PM EDT

CC: Their Constituents

Re: The Paulson Bailout Plan

Sarah Palin Interviewed by Katie Couric

by: gsp_fan

Thu Sep 25, 2008 at 15:25:44 PM EDT

I had to read and reread most of what Palin says just to make sense of it.  I still had trouble with a lot of her sentences.  She needs to be sent back to grammar school.

Particular interview questions below the fold.  Read, but please click the link and view the videos.  The transcript doesn't do it justice.

We have a right to know.

by: terrybankert

Wed Sep 24, 2008 at 01:42:07 AM EDT