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I was referring to the point in my post that Charlotte will be front and center here because every TV camera in the world is coming to Charlotte to see Obama anointed the DNC candidate for president for the 2012 election. Apparently there isn't a single Democrat in this entire country who will run against him so it's going to be a big televised party. Being surrounded by several failed banks won't look good for Obama on TV. After the convention is over, watch out. Reminding the entire world that Charlotte is one of the centers of TBTF banks, which are becoming reviled by millions, IMO, isn't going to be good for the city.
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Interestingly that perpetual cheerleader for the banks, UNCC professor Tony Plath, who is usually rolled out by the local media to talk about banking matters, said that maybe the current CEO "might not have the passion" to lead the bank forward. I have no idea if he has anything beyond opinion to go on, but I can't remember when I've heard on the local news that the current CEO of the bank wasn't suitable for the job.
Is this news, that an incumbent president goes unchallenged during a re-election campaign?? And isn't every convention (repub and dem) a HUGE televised party. I guess anyone that is opposed to certain positions or ideologies is anointed an "idiot" and unfit for the job. I still find it interesting that "some of us" become subject matter experts on issues that require an intricate study and years of practical experience to have a clue.
I thought reducing or limiting "gubment" involvment/regulation was the way to promote pure capitalism (early 2000s, last administration...Dick Army and team), allowing the banks (BOA) to become a behemoth, fannie and freddie to provide unqualified loans. Not only fannie and freddie, the system was abused by the middle class and upper middle class, attempting to become real estate rich, purchasing 2nd, 3rd homes; purchasing boats, etc. with 2nd mortgages.
Recessions come and go; until the housing market stabilizes, this mess will continue. No matter what you think of BOA or old Wachovia, their bank fundamentals seemed to be solid, failure stems from purchasing damaged sub-prime mortgage companies.
The alarmists are saying the same thing about Citi. .
Citigroup already failed. This is why it is presently owned by the US gubment and is no longer traded on the stock market. It's not clear that after General Motors, Chrysler, and Citigroup, (all failures due to finance) that Obama will ask the us tax payers to take over BofA as well.
And here in lies the exact problem why the economy doesn't get better. By interfering in the free market, that is the gubment now picks the winners and losers, nobody can judge risk anymore and this makes sensible investment in the economy a fruitless endeavor. Add to that the endless regulations created each year by gubment bureaucrats which drive up costs of opening small business and you have the recipe for the disaster that we have now. Gubment never will address the real issues because it means essentially reducing gubment and that can never be allowed to happen. So instead they keep raising the debt, taking that money and throwing it at wall street and the bankers, and hope things will get better on their own.
The real solution to this nation's issues isn't going to be pleasant for Charlotte because this city has expanded and built over the last 25 years by becoming a huge enabler and now a complete dependent of this fail central planning system. They longer they take to allow the free market to return to the system, the bigger the disaster the real correction will be.
Last edited by yantosh22; 08-11-2011 at 08:15 AM..
Citigroup already failed. This is why it is presently owned by the US gubment and is no longer traded on the stock market. It's not clear that after General Motors, Chrysler, and Citigroup, (all failures due to finance) that Obama will ask the us tax payers to take over BofA as well.
And here in lies the exact problem why the economy doesn't get better. By interfering in the free market, that is the gubment now picks the winners and losers, nobody can judge risk anymore and this makes sensible investment in the economy a fruitless endeavor. Add to that the endless regulations created each year by gubment bureaucrats which drive up costs of opening small business and you have the recipe for the disaster that we have now. Gubment never will address the real issues because it means essentially reducing gubment and that can never be allowed to happen. So instead they keep raising the debt, taking that money and throwing it at wall street and the bankers, and hope things will get better on their own.
The real solution to this nation's issues isn't going to be pleasant for Charlotte because this city has expanded and built over the last 25 years by becoming a huge enabler and now a complete dependent of this fail central planning system. They longer they take to allow the free market to return to the system, the bigger the disaster the real correction will be.
What? Citigroup is most certainly traded on the stock market...near 52-week lows at the moment, but definitely traded, unless the dividend checks I've been receiving are frauds. And would say that the bailouts of the auto industry look pretty good at the moment.
What? Citigroup is most certainly traded on the stock market...near 52-week lows at the moment, but definitely traded, unless the dividend checks I've been receiving are frauds. And would say that the bailouts of the auto industry look pretty good at the moment.
You are correct as I was typing too fast. I meant to say it was removed from the Dow Jones average because it was owned by the Federal Government and thus, no longer reflected what the average stood for. It should be noted that if the government had not bought its bad loans for pennies on the dollars it would have gone bankrupt. Your dividend check is coming at the courtesy of the US taxpayer.
What? Citigroup is most certainly traded on the stock market...near 52-week lows at the moment, but definitely traded, unless the dividend checks I've been receiving are frauds. And would say that the bailouts of the auto industry look pretty good at the moment.
Yes, it is traded and they just did a reverse-stock split. They paid back their TARP loans. so, no, they are not "failed"....troubled perhaps, but, I think that BOA has the bigger problem with the Countrywide loans.
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