Posted by: rotenochsen | December 20, 2008


Saturday, December 20, 2008
Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” —Ronald Reagan

It is time to reflect on the consEquences of what they are doing to future generations. We have heard all the dire predictions of what will happen if they had not done this bail out. But no one seems to be concerned with the fall out of actually printing and flooding the market with this worthless script used to bail out industries and banks who should have been punished for their malfeasance, not rewarded!

With the decision to commit $17.4 billion to the auto industry, the government “effectively has allocated the first $350 billion” portion of a $700 billion financial bailout package.
Secretary of the Treasury, Henry Paulson said, Friday. As of Dec. 16, $167.8 billion had been invested in banks, as detailed below. Another $40 billion went to bail out insurance giant AIG. The rest is committed to banks, including an additional $20 billion pledged to Citicorp.

Bank, City, State and Amount are listed below, and nowhere is their a listing for mortgage holders who are in default! It is all for so called “fat cats” of finance.
Wells Fargo & Company San Francisco CA $25,000,000,000
JPMorgan Chase & Co. New York NY $25,000,000,000
Citigroup Inc. New York NY $25,000,000,000
Bank of America Corporation Charlotte NC $15,000,000,000
The Goldman Sachs Group, Inc. New York NY $10,000,000,000
Morgan Stanley New York NY $10,000,000,000
Merrill Lynch & Co., Inc. New York NY $10,000,000,000
U.S. Bancorp Minneapolis MN $6,599,000,000
Capital One Financial Corporation McLean VA $3,555,199,000
SunTrust Banks, Inc. Atlanta GA $3,500,000,000
Regions Financial Corp. Birmingham AL $3,500,000,000
BB&T Corp. Winston-Salem NC $3,133,640,000
Bank of New York Mellon Corporation New York NY $3,000,000,000
KeyCorp Cleveland OH $2,500,000,000
Comerica Inc. Dallas TX $2,250,000,000
State Street Corporation Boston MA $2,000,000,000
Marshall & Ilsley Corporation Milwaukee WI $1,715,000,000
Northern Trust Corporation Chicago IL $1,576,000,000
Zions Bancorporation Salt Lake City UT $1,400,000,000
Huntington Bancshares Columbus OH $1,398,071,000
Popular, Inc. San Juan PR $935,000,000
First Horizon National Corporation Memphis TN $866,540,000
Associated Banc-Corp Green Bay WI $525,000,000
Webster Financial Corporation Waterbury CT $400,000,000
City National Corporation Beverly Hills CA $400,000,000
TCF Financial Corporation Wayzata MN $361,172,000
South Financial Group, Inc. Greenville SC $347,000,000
Wilmington Trust Corporation Wilmington DE $330,000,000
East West Bancorp Pasadena CA $306,546,000
Sterling Financial Corporation Spokane WA $303,000,000
Valley National Bancorp Wayne NJ $300,000,000
Susquehanna Bancshares, Inc Lititz PA $300,000,000
Citizens Republic Bancorp, Inc. Flint MI $300,000,000
UCBH Holdings, Inc. San Francisco CA $298,737,000
Cathay General Bancorp Los Angeles CA $258,000,000
SVB Financial Group Santa Clara CA $235,000,000
Trustmark Corporation Jackson MS $215,000,000
Umpqua Holdings Corp. Portland OR $214,181,000
Washington Federal Inc. Seattle WA $200,000,000
MB Financial Inc. Chicago IL $196,000,000
First Midwest Bancorp, Inc. Itasca IL $193,000,000
First Niagara Financial Group Lockport NY $184,011,000
Pacific Capital Bancorp Santa Barbara CA $180,634,000
United Community Banks, Inc. Blairsville GA $180,000,000
Boston Private Financial Holdings, Inc. Boston MA $154,000,000
Provident Bancshares Corp. Baltimore MD $151,500,000
National Penn Bancshares, Inc. Boyertown PA $150,000,000
Western Alliance Bancorporation Las Vegas NV $140,000,000
CVB Financial Corp Ontario CA $130,000,000
Sterling Bancshares, Inc. Houston TX $125,198,000
Banner Corporation Walla Walla WA $124,000,000
Signature Bank New York NY $120,000,000
Taylor Capital Group Rosemont IL $104,823,000
Old National Bancorp Evansville IN $100,000,000
Pinnacle Financial Partners, Inc. Nashville TN $95,000,000
Iberiabank Corporation Lafayette LA $90,000,000
Midwest Banc Holdings, Inc. Melrose Park IL $84,784,000
Sandy Spring Bancorp, Inc. Olney MD $83,094,000
Columbia Banking System, Inc. Tacoma WA $76,898,000
TowneBank Portsmouth VA $76,458,000
Wesbanco Bank Inc. Wheeling WV $75,000,000
Bank of the Ozarks, Inc. Little Rock AR $75,000,000
Independent Bank Corporation Ionia MI $72,000,000
Virginia Commerce Bancorp Arlington VA $71,000,000
Southwest Bancorp, Inc. Stillwater OK $70,000,000
Superior Bancorp Inc. Birmingham AL $69,000,000
Nara Bancorp, Inc. Los Angeles CA $67,000,000
First Financial Holdings Inc. Charleston SC $65,000,000
Wilshire Bancorp, Inc. Los Angeles CA $62,158,000
Great Southern Bancorp Springfield MO $58,000,000
Center Financial Corporation Los Angeles CA $55,000,000
NewBridge Bancorp Greensboro NC $52,372,000
Ameris Bancorp Moultrie GA $52,000,000
The Bancorp, Inc. Wilmington DE $45,220,000
Southern Community Financial Corp. Winston-Salem NC $42,750,000
First Community Bankshares Inc. Bluefield VA $41,500,000
Capital Bank Corporation Raliegh NC $41,279,000
Heritage Commerce Corp. San Jose CA $40,000,000
Cascade Financial Corporation Everett WA $38,970,000
Eagle Bancorp, Inc. Bethesda MD $38,235,000
TIB Financial Corp Naples FL $37,000,000
First Defiance Financial Corp. Defiance OH $37,000,000
State Bancorp, Inc. Jericho NY $36,842,000
Porter Bancorp Inc. Louisville KY $35,000,000
Encore Bancshares Inc. Houston TX $34,000,000
Bank of North Carolina Thomasville NC $31,260,000
Bank of Marin Bancorp Novato CA $28,000,000
Centerstate Banks of Florida Inc. Davenport FL $27,875,000
LNB Bancorp Inc. Lorain OH $25,223,000
HF Financial Corp. Sioux Falls SD $25,000,000
Heritage Financial Corporation Olympia WA $24,000,000
Severn Bancorp, Inc. Annapolis MD $23,393,000
Blue Valley Ban Corp Overland Park KS $21,750,000
Indiana Community Bancorp Columbus IN $21,500,000
Unity Bancorp, Inc. Clinton NJ $20,649,000
Citizens South Banking Corporation Gastonia NC $20,500,000
First PacTrust Bancorp, Inc. Chula Vista CA $19,300,000
HopFed Bancorp Hopkinsville KY $18,400,000
Bank of Commerce Holdings Redding CA $17,000,000
1st FS Corporation Hendersonville NC $16,369,000
Valley Financial Corporation Roanoke VA $16,019,000
LSB Corporation North Andover MA $15,000,000
Oak Valley Bancorp Oakdale CA $13,500,000
First Community Corporation Lexington SC $11,350,000
First Litchfield Financial Corporation Litchfield CT $10,000,000
Central Bancorp, Inc. Somerville MA $10,000,000
Coastal Banking Company, Inc. Fernandina Beach FL $9,950,000
Southern Missouri Bancorp, Inc. Poplar Bluff MO $9,550,000
Broadway Financial Corporation Los Angeles CA $9,000,000
Central Federal Corporation Fairlawn OH $7,225,000
Old Line Bancshares, Inc. Bowie MD $7,000,000
Fidelity Bancorp, Inc. Pittsburgh PA $7,000,000
Pacific International Bancorp Seattle WA $6,500,000
FPB Bancorp, Inc. Port St. Lucie FL $5,800,000
Northeast Bancorp Lewiston ME $4,227,000
Manhattan Bancorp El Segundo CA $1,700,000
Source: U.S. Treasury

AS you can se the list is very long and the money has been spent. But my sources in the lending industry tell me that the banks, credit unions and savings and loans are not lending the money. Why, because they are scared of what will happen next when the Presidential administration changes on January 20, 2009,

Obama has literaly “promised the moon” to those unfortunate people who are on the downside of the economic scales. And if he does what he has proposed. He will spend trillions more on Rooseveltian make work programs and civilian job corps.

This will further add to the inflationary spiral we are enetring and will certainly devalue the already falling dollar. Will we have rapid inflation or will we have stagflation? I am not in a position to predict, but you cannot continue to print money that is esentially worthless without consequences!

The problem, like all most all money problems solved by politicians, will be forced upon a future generation when the politicians are long gone, or at least most of them!
Our grandchildren will inherit a Country that in all probability will be a second rate military power, with reduced freedoms and more government control over their lives than our Founding Fathers could conger up in their worst nightmares.

AS my father once said, “you will need a bushel basket of money to buy a bag of groceries”, and he may be right!
Posted by BILL


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