Illinois Governor Suspends All State Business With Bank Of America!

What a crazy Serb. I love it.

HI!
I saw this thread and just HAD to post something so that everyone thinks that people on the INSIDE are all for this bailout thing.........get what i'm trying to say without saying it????
I believe that it should have never gotten this far...now the government is funding these banks and other companies some "bail out" money to stop the bleeding for their own mistakes? B*LL CR*P!!!!

[edit on 9-12-2008 by beach2197]

I have a question... why in this headline CNN article: ARTICLE, do they make absolutely NO reference to Bank of America?

Isn't that why he was arrested?
Because this article says differently... and I'm starting to smell a cover up...
I wonder if these arrest charges have just been made up.
God, I would hate to be on the govt.'s naughty list...

This is ironic as hell. The governor was standing up for the little people and got thrown in jail for CORRUPTION. hahaha. i can't help but laugh at it even if it's terrible. it is like the pot calling the kettle black. Most of us on here know where the real corruption rests, however, there are a lot of Americans who do not get it at all. The governor should rightfully be a free man! Time to protest!

Well, while I am CERTAINLY NOT going to dispute this guy's troubles / crookedness / past history, I am STILL going with the TIMING of this "arrest" of his to be AWEFULLY coincidental in relevance to recent events.

With the way things have been operating on a gov level in regards to the banks, doesn't take a whole lot to figure out what is happening here, and who is pulling all the strings of control IMHO...

Originally posted by Anonymous ATS
let me get this straight....they want boa (i hate them for other reasons) to take federal bailout mone "required" from the practice of making bad loans....and give it to a company going out of buisness with no real hope for repayment.....am i missing something other than a vote buying scheme?

------Aaron

It's actually a lot more complicated than that. Republic is failing not necessarily because they can't compete, but because potential customers can't get lines of credit either.

You are aware that credit has essentially "dried up" all across the country, and that banks haven't really been lending ANY money out except to those who have the tippy-top scores--and even they have had to take some extreme measures and crappy interest rates?

See, here's the problem:

Our economy is (supposedly) based on Supply and Demand. Over the last 30 years supply (productivity) has steadily increased. However, in the late 70's and early 80's wages (demand) began to stagnate. The banks, with Reagan as their crusader, essentially lobbied and conspired to use debt (credit) as a replacement for wages in keeping up demand.

See, in order for our economy to work, people have to have enough money to buy things. If they don't, there's no demand for products and services, and thus no need for workers to provide said products and services, and then you lay those folks off, and then there's less people with money--it's a steep downward spiral.

Debt (credit) has replaced actual wealth (wages) in keeping up demand. But debt can only go so far, and unlike wages needs to be paid back. As the job market has contracted and the recession began in earnest, fewer and fewer people have enough wages to buy things outright. The contraction in housing prices (homes being most Americans' primary source of wealth or "equity") has further eroded their ability to purchase the things they want and need outright, AND their ability to borrow (take on debt) to make up for lost or lowered wages. With the credit crash banks aren't really lending AT ALL. (I work for a recruiting firm and the number of out-of-work bankers and loan officers I deal with is STAGGERING, as are some of the horror stories leading to their layoffs).

So. Nobody has money from wages, and now credit as an avenue to purchase goods and services has also shut down.

Who, precisely, is supposed to buy Republic's products? Home improvements are expensive. Most folks need credit to be able to purchase products. Republic, losing customers (not necessarily through any fault of their own) turns to BoA to get credit moving so they can stay in business and ride this out. BoA refuses, despite the fact the bailout money they were given was specifically meant to be used for this purpose.

That's the point, you see--EVERYONE (pretty much) is in serious trouble. Companies all across the nation, focusing their efforts on "the next Quarter" and not on long-term viability, have been running on credit for YEARS. All the bills are coming due, and companies don't have the money to pay, because their potential customers lack the liquid income necessary to buy products and services--so, just like their employees (or former employees) they face the same credit-related problems.

Demand is waning.

Supply will soon be far behind.

Cars are sitting on dealers' lots because few can afford to buy them. High-end electronics are seeing slashed prices in an effort to lure those with just enough cash or credit to purchase. Home improvements are going unfinished. New construction is almost nonexistant (the stories I hear from out-of-work home-builders is heartbreaking). Professional tradesmen such as electricians, concrete workers, carpenters, etc. are on unemployment lines.

Is it any wonder Republic, who makes and sells home improvement products, is failing?

And they're not alone. Stores are shutting down all across the country by the hundreds.

If this fall isn't arrested soon with a REAL stimulus package that includes living wages, health care reform and tax breaks to the right people, then we're in for the worst depression anyone has seen since the 1930s.


EDIT: For the record, I AM a Democrat and I voted for Blagojevich twice (because his opponents were every bit as bad as he is) but he's made his own prison cot here. He's going to jail and he's going to end up staying there a long time, and he deserves everything he gets. The timing may be suspect to some, but some might just as rightly suspect the timing of his support for these workers.

EDIT 2: As an Illinois native and life-long resident I can sincerely say that Illinois politics do, indeed, suck.

Except for Obama. One bright star in a sea of lies and deceit.

[edit on 12/9/2008 by The Nighthawk]

[edit on 12/9/2008 by The Nighthawk]

reply to post by niteboy82


So now he will be gagged so predictable, so predictable. . .

reply to post by marg6043


Indeed.

PARTICULARLY when we see in recent times that the bankers OWN US ALL.

We are their tax-slaves / property.

reply to post by DimensionalDetective


Now that the governor is gagged and in jail, while the people in Illinois rejoice on the good job done by the federal government, rest assure that the new corrupted governor will be well into the pocket of the BOA.

So predictable, so predictable that is not funny.

No need to put down the Governor here. He was arrested this morning along with his Chief of Staff by the FBI on corruption charges for trying to sell Obama's Senate seat to the highest bidder.

Who's more crooked, the Governor or Bank of America? Maybe the FBI knows. My best,

reply to post by airforce47


Well I got for BOA, after all they are the ones with 25 billion dollars of tax payer money that they took to help the strap citizens but instead they are bailing out China's bank with 7 billion of it.

While giving the finger to the American tax payer.

BTW is not surprise to many of us how deep the corruption in America runs when it comes to our system of government.

So much of the phrase, for the people and by the people, as long as the bankers elite permits

Originally posted by turbokid
reply to post by marg6043

 

General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.

www.laht.com...

What's ridiculous about this move is that Brazil has been openly hostile to the United States of America ever since they started sucking up to Hugo Chavez and his revival of Latin American Totalitarian Marxism in Venezuela.

We don't really stand a chance of getting a dime of that billion dollars back - either the Brazilians will nationalize GM Mercosur or their politicians will find a way to siphon most of that money off to their own pockets.

Why, when American workers - including auto workers - are in deep, deep trouble, are we lifting a finger to help Brazilians who have elected a government that will only help create military and diplomatic problems for us to unsnarl in Latin America?

Originally posted by airforce47
No need to put down the Governor here. He was arrested this morning along with his Chief of Staff by the FBI on corruption charges for trying to sell Obama's Senate seat to the highest bidder.

Who's more crooked, the Governor or Bank of America? Maybe the FBI knows. My best,

The Bank of America may be acting despicably, but it is acting within the law. They are repairing damage done to the economy by years of "socially-aware mortgages" required of them by the Justice Department (Jamie Gorelick, Assistant Atty. General under Clinton) and Congress itself (the Community Reinvestment Act).

So as far as "crooked" is concerned, the Bank of America comes nowhere near Rod Blagojevich, the Modern Master of the F-Bomb in Politics. (It was just like reading transcripts of the Nixon tapes during Watergate... ah, memories.)

I lived in Louisiana during all of Edwin Edwards' administrations, and I was astonished by the scope of Blagojevich's greed and his sheer gall. We (the United States) will be very lucky if this guy doesn't "parachute himself" into the United States Senate. After all, he's only been charged so far, not convicted; he hasn't yet been impeached by the people of Illinois; he still legally retains the power to appoint himself Barack Obama's successor. Blag's fellow Democratic Rep. William Jefferson (D-LA) was RE-ELECTED despite being under indictment for taking money from Nigerian lobbyists (the one time Nigerians really did bring bags of money to someone in the United States). It's been months and Jefferson's STILL in office.

What got me was (in the criminal complaint
www.chicagotribune.com...) Mrs. Blagojevich in the background shouting "F--k them!" to Gov. B's flunky on the telephone. Nothing like a classy woman, huh?

ONE THING WE NEED TO MAKE CLEAR:
US.corp in Washington isnt a government
isnt our government, its a highjacked corporation
we lost our Republic long ago, NOW knowing that
we need to realize just like we cant go into EXXON-MOBIL board
room and dictate policy we cant expect for US.corp to
represent us...

SO, where does this leave "we the people"
WE have to make our own country (reestablish the Republic)
outside or away from US.corp
say to ourselves:
US.corp is not our government
US.corp's laws do not apply to us
we are not under US.corp's jurisdiction
US.corp's president is not our president
i dont care if OBAMA stays in office, cuz im not going to obey
anything he passes anyway, now i might end up on the nightly news
in a police stand off....but thats where we are at now
i think "we" all are
time for CIVIL WAR
JUST SAY NO...
the BAILOUT is just the GANGSTERS covering their own
WE ARE ON OUR OWN!


P.S. (TAX REVOLT-DONT PAY TAXES) thats how you stop worrying about WALLSTREET bailouts

[edit on 10-12-2008 by GRANDWORLDDRAMA]

Originally posted by carewemust
Why can't Congress appoint a "Bank Czar" to ensure the $700 Billion is
used properly, like the "Car Czar" who'll be put in place to oversee the
the paultry $15 Billion going to GM/FORD/CHRYSLER?

It looks like the Banks received their money with no strings attached,
but I thought there supposed to be conditions attached to their bailout?

I wonder how many other companies have closed their doors and left
employees hanging? If these workers had not of protested in such a
dramatic way, I doubt we'd be hearing about this incident either.
-cwm

They did. His name is Hank Paulson and he is in cahoots with the fed so don't expect any oversight. In fact according to the bailout there was supposed to be specific oversight over all purchases but that hasn't happened and most likely won't.

Get a clue people....

BoA accepted 25 billion fromt he government. BoA did not need this money, BoA is one of the few strong banks at the moment. BoA had to accept this money along with other lenders. The reasoning for this is that if only the banks that needed the money took the bail out funds that bank would be targeted as weak and the stock would drop, the bank would fail and the bail out would be wasted.

The bail out money was supposed to be used to increase avaliable credit to qualified borrowers. The bail out money was NOT ment as a way for banks to continue to fund risky loans. Lending to a company who can't afford to pay it's workers is pretty risky, BoA said no? SERIOUSLY? Why can't you people see that.