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Author Topic: Ripping-Off Small Banks on Main Street - no taxpayer pass through for you!!!  (Read 1540 times)
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WhiskeyGirl
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« on: May 17, 2009, 08:51:55 PM »

SMALL BANKS BEING CHARGED FOR BIG BANKS' PROBLEMS

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Community bankers find themselves under tighter scrutiny from federal regulators. They say the $700 billion financial bailout has favored large institutions. And they are upset about a special assessment the government wants to charge to shore up the Federal Deposit Insurance Fund, which failed banks are draining.

"We've run a successful, safe financial institution," Ken Martin, president of the Cashmere-based bank said. "Those of us who were responsible and still exist are getting hit with those huge premium increases. And at the same time they're giving these huge bailout amounts to the Citigroups."

In 2007, Cashmere Valley Bank paid about $89,000 in 2007 in premiums to the FDIC, the federal entity that insures bank deposits.

This year, it expects to pay $1.35 million in premiums, plus an additional $900,000 to $1.8 million "special assessment" needed because the premium increase still won't be enough to shore up the FDIC.

http://www.scoop.co.nz/stories/HL0905/S00041.htm

The FDIC is in trouble?  Is this because of the guarantees to banks like Goldman?  The ones that enable Goldman to stay in business and make money?
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WhiskeyGirl
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« Reply #1 on: May 18, 2009, 07:27:17 AM »

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With the market bubble artificially reinflated (once again sucking loose change out of hope- and greed-crazed small investors), little snorts of platitude have emanated from the south ends of both DC and Wall Street: "we may be bottoming out, turning the corner", they say; "the pace of the crash is slowing." "Less people lost their jobs last month than the month before! Hoorah!!" I hope it occurs to you that there ain't that many jobs left to lose. Do you finally give up all hope only when all the McDonald's close and Netflicks goes tits up? As the saying goes, "We've got 'em right where they want us."

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"We're in a complete mess and the consumer is smart enough to know it," says Davidowitz, whose firm does consulting for the retail industry. "If the consumer isn't petrified, he or she is a damn fool."

Davidowitz, who is nothing if not opinionated (and colorful), paints a very grim picture: "The worst is yet to come with consumers and banks," he says. "This country is going into a 10-year decline. Living standards will never be the same."

read more here -
http://ddjango.blogspot.com/2009/05/welcome-to-united-states-of-bilderberg.html

The workings of TARP and other bailouts - why didn't they throw a bone to the established lower and middle classes?  Something like - Wow, you should be rewarded for your staying in the same house for more than ten years.  Let's just pay off that little mortgage before the nation falls.  Want to keep the hardworking middle class out of debt slavery.  Let's just bailout your 401k and IRA and pension, you deserve it, you've worked your entire life...

What did they do?  They gave billions to investment banks, billions more to some of these same investment banks through the AIG pass-through, they gave billions to home-owners that recently took out more than they could reasonably handle, and they are looking to bail out California and other states.

Are taxpayers getting back that AIG pass through money?  The GM and Chrysler money?  The money from the those that received mortgage relief?  Any chance taxpayers will get the money back from California?

Are taxpayers set up to fail?  Any of these programs really work? 

Any realistic retooling of the financial industry to benefit taxpayers?  What is the point of giving all these big banks investment capital?  Are they creating jobs on Main Street?  I haven't seen a single one.  They are not my neighbor or my family and friends.  They do have deep tentacles in the Treasurey and Federal Reserve. 

Who really owns Federal Reserve?  Treasury?  Who benefits?  Who is stuck with the bill?

Who makes money from all this 'liquidity'?  Taxpayers?  Little people on Main Street?  If everyone were sharing the wealth, it would make sense.  Almost everyone is sharing is the debt and disaster. 

jmho
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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