Bank of America: Bad for America

January 24, 2009

This is how I feel about Bank of America getting another damn bailout. This is Bush’s legacy. He had a hands off policy towards every damn thing.  That wonderful approach allowed the cockroaches we call the banking business to destroy our nation with their perpetual greed.

Yet, I still  have to listen to republicans’ cry about nationalizing the banks? It will mess with true capitalism? Please give me a break with that bullshit.  The banking industry are the ones running around like drunk sailors buying up more companies and dumping the cost on the people. They have taken our money (bailout) and have gone on junkets, shopping sprees or just gave themselves bonuses.  Mean time in the land of reality BofA was spending $7B on a Chinese Bank but at the same time firing 35,000 people.  How stupid must one be to not understand what’s going on?

Ah, the sweet smell of your TARP money being used to batter the US economy senseless. First Bank of America gets $15 billion of TARP funds, and issues $9 billion worth of bonds guaranteed by the FDIC, then it spends $7 billion to buy a big stake in a Chinese bank.

Now Bank of America announces it’s laying off 30,000 to 35,000 workers. Why? In part because it took over Merrill Lynch and wants to “eliminate redundancies”. Now, that’s entirely rational for Bank of America, as is spending $7 billion to buy up shares in a bank cheap (they got a below market price). But it’s not good for the US because that money was meant to be loaned to Americans and because layoffs make the economic situation worse (and those laid of workers will immediately cost the government a ton of money.)

Yes, in my opinion some body, government, the people, somebody just go and get control of those fools.

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  1. Oh you ignorant twit!!!

    It was your beloved Barney Frank and his fellow democrats who forced banks to loan money to people who could not afford to pay it back. I recall that John McCain and George Bush were the ones trying to reign in the abuses at Fanny May and Freddie Mac. And of course it was that giant of intellectual might, Maxine Waters, who praised the head of Fanny May when Republicans wanted to enhance oversight.

    And by the way, it was Barak Obama that was number two in political campaign contributions from Fannie May, right behind Chris Dodd. And Frank Raines, the leader Waters so vigialntly praised, made $90 million in less than six years. That’s why he could afford to quit his job before the bottom fell out and serve as Obama’s economic advisor.

    Please show us the benefits of your education!

  2. I’d give you a real response, but sorry, I only respond to people that are operating with brain cells and not sitting around masturbating while watching old clips of Barbie and drinking cheap wine. Once you get through your detox, check me out then.

  3. Did you graduate from first grade yet Ron? You got a masters in dumbed down americans.

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