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A Letter Against the Bailout Plan
- Thread starter OldTrader
- Start date
Quote from IluvVol:
fair enough let the majority have its say. I respect it. Lets see where we get with this. At least we dont need to speculate anymore.
I think it's far from over. I expect that once the votes are made public we're going to see a pretty strong divide between the newcomers in the rank & file vs. the old-timers and leadership.
well what does it matter? We already see some results of this "foresight" of the legislative. NORMAL SMALL companies (repeat, non-banks, smaller firms) cant get short-term funding TO PAY WAGES. And this is just getting worse. I certainly hoped it will pass as I also put on a position which I took off when sp approached 1160 from the north side. But this is what has been decided. I dont expect something else to pass, how do those who voted no answer that they changed their mind suddenly. Only possibility I see is a complete market melt-down but thats exactly what I expected to happen with the bill voted down. I think it will become apparently clear how much the small Joe on the street will get squeezed and hurt the next few weeks as a result of this. This was unnecessary.
Quote from jprad:
I think it's far from over. I expect that once the votes are made public we're going to see a pretty strong divide between the newcomers in the rank & file vs. the old-timers and leadership.
Quote from IluvVol:
well what does it matter? We already see some results of this "foresight" of the legislative.
Uh, did you just wake up to the political process last week?
NORMAL SMALL companies (repeat, non-banks, smaller firms) cant get short-term funding TO PAY WAGES.
Yeah, like you were railing against the mass outsourcing of American jobs 5 years ago...
Quote from OldTrader:
Here's a link to a letter from BB&T's chairman to Congress regarding their bailout plan. He doesn't like it. His bank doesn't need it.
For John Allison, the high-risk rollers on Wall Street are getting too much of the ear of Congress and having too much say in resolving the financial nightmare that they created.
That's why Allison, the chairman and chief executive of BB&T Corp., submitted a 14-point letter Tuesday to all 535 members of Congress with a simple message regarding the proposed $700 billion bailout.
"There is no panic on Main Street and in sound financial institutions," he wrote. "The problems are in high-risk financial institutions and on Wall Street."
.
http://media.gatewaync.com/wsj/pdfs/2008/09/allison.pdf
Is that letter even real? I know I'm just a kid but in #7 he spells guarantee two ways..
guaranty and guarantee
Is the letter really a fraud type of thing or is it real?
Quote from Little Joey:
Is that letter even real? I know I'm just a kid but in #7 he spells guarantee two ways..
guaranty and guarantee
Is the letter really a fraud type of thing or is it real?
It's all over the internet. That's where I got it. But here's a link to Bloomberg:
http://www.bloomberg.com/apps/news?pid=20601109&sid=afxCLBycUdbc&refer=home
In this link in the 2nd paragraph they say:
The letter was verified by Bob Denham, a spokesman for BB&T, North Carolina's third- largest bank.
But check it out for yourself. Easy enough to do. The guy wrote the letter and sent to every Congressman and Senator.
OldTrader
everone goes after their own interest, even you. So dont make yourself sound so philanthropic. I focus on the current situation and thats pretty dire for the US. But go on, celebrate this historic even if you like. You must now feel good about yourself. At least the vote of the small guy, who really DOES NOT understand, was reflected in the vote for PURE fear of not getting re-elected.
The oursourcing years ago of manual labor was a very natural process of getting to the next level in society by outsourcing things that others have an edge, cost wise. I dont think it can be compared with this crisis whatsoever.
The oursourcing years ago of manual labor was a very natural process of getting to the next level in society by outsourcing things that others have an edge, cost wise. I dont think it can be compared with this crisis whatsoever.
Quote from jprad:
Uh, did you just wake up to the political process last week?
Yeah, like you were railing against the mass outsourcing of American jobs 5 years ago...
Thank you Old
and the CEO of North Carolina's ;-) THIRD largest bank really understands all the implications, lol. Enough said.
Oh wait, as he seems to run his ship straight, we dont hear him financing and lending to small companies as he did before. Hmm, surprise surprise. He should be coming out now with his seemingly strong balance sheet and grab market share by applying sound risk management techniques that he claims to understand so well. Where is he? BB&T go for it ;-)
Oh wait, as he seems to run his ship straight, we dont hear him financing and lending to small companies as he did before. Hmm, surprise surprise. He should be coming out now with his seemingly strong balance sheet and grab market share by applying sound risk management techniques that he claims to understand so well. Where is he? BB&T go for it ;-)
Quote from OldTrader:
Here's a link to a letter from BB&T's chairman to Congress regarding their bailout plan. He doesn't like it. His bank doesn't need it.
For John Allison, the high-risk rollers on Wall Street are getting too much of the ear of Congress and having too much say in resolving the financial nightmare that they created.
That's why Allison, the chairman and chief executive of BB&T Corp., submitted a 14-point letter Tuesday to all 535 members of Congress with a simple message regarding the proposed $700 billion bailout.
"There is no panic on Main Street and in sound financial institutions," he wrote. "The problems are in high-risk financial institutions and on Wall Street."
He said that it is important that "Congress hear from the well-run financial institutions, as most of the concerns have been focused on the problem companies. It is extremely important that the bailout not damage well-run companies." Allison's opinion is seconded by local community-bank officials and community-bank trade groups.
http://media.gatewaync.com/wsj/pdfs/2008/09/allison.pdf