U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-16-2009, 07:03 AM
 
Location: Boone, NC
1,155 posts, read 3,149,808 times
Reputation: 282

Advertisements

Quote:
Originally Posted by juliema View Post
They did buy Merrill Lynch, but not without knowing they could handle it. On top of that, they received bundles of money from the government so I think they'll be around for the long haul.
I heard that they asked for the 2nd round of money because the takeover of Merrill Lynch was more costly than they thought. To me that doesn't sound like they could handle it. So we, the taxpayers, are supposed to bail out B of A FURTHER, which will result in thousands of jobs lost - meaning that the taxpayers are contributing to our own job losses?

Greed, greed, greed. The only thing important to the shareholders and the execs are themselves and their exhorbitant salaries and bonuses/dividends. Why is it that it's okay for a company to merge, resulting in job losses, and then pawn those who lost their jobs off to the already struggling Unemployment programs? I think that NO merger or takeover should be approved unless it's able to be done without public money and without any job losses. Companies should be required to be responsible for their employees, not pawn them off on the state.

It won't make a difference to B of A, but today I am starting the process of closing my B of A checking account and my B of A Visa card in PROTEST of what they're doing. Then I won't have anything with B of A - they obviously don't need my money or me as a customer - they'll have the bailout money and their execs. I'll take my money elsewhere.
Reply With Quote Quick reply to this message

 
Old 01-16-2009, 07:11 AM
 
Location: CLT native
4,280 posts, read 10,057,016 times
Reputation: 2270
Quote:
Originally Posted by jdljr View Post
It won't make a difference to B of A, but today I am starting the process of closing my B of A checking account and my B of A Visa card in PROTEST of what they're doing. Then I won't have anything with B of A - they obviously don't need my money or me as a customer - they'll have the bailout money and their execs. I'll take my money elsewhere.
+1

I used to trade FX for one of the large banks downtown.
But when I left I moved all my accounts to a much smaller bank that actually needs and appreciates my business.
Not knocking BofA specifically, just the 'ginormous' (my word ) banking machine.
Reply With Quote Quick reply to this message
 
Old 01-16-2009, 07:19 AM
 
140 posts, read 286,854 times
Reputation: 101
Quote:
Originally Posted by CouponJack View Post
Chef, Please do not turn this into a political rant. Both sides are at fault here. We are in a mess because we in a nutshell have become a materialistic society, we don't save anymore. Also, politicians never make the tough choices. Look at SS/Medicare and how broke the system is,...no one wants to address it because its a political 3rd rail.

Going back to the topic, BofA IMO shouldn't of done the Merrill deal in such difficult times...even the countrywide thing will most likely be another Golden West deal IMO......
Why not? Last time I checked this is an open forum (and plently of ppl injecting politics here everyday), so respectfully, NO I do not appreciate you to telling me do not do this or that.

BTW though I agree this is an everybody's at fault situation (politically speaking w/o being "politically incorrect" I hope -to avoid hurting ppl's feelings boohoo- both parties are responsible) but it is unavoidable to reflect on the massive mess we are in b/c in great part of our "CEO like" president we had at the WH for 8 years. Obama's recent push to pass the remainder of the $350 billion bailout doesn't make him a saint either, but he's just getting in so it's only fair to say it's way to early to judge him. Too bad we can not elect other than a D or R. Ron Paul has been on the ball about this matter ages ago but ppl -as I posted earlier only- listen only to what they want to hear.

Peter Schiff's weekly comments could not be more right: "I believe these ideas hold sway largely because they promise happy, pain-free solutions. They are the economic equivalent of miracle weight-loss programs that require no dieting or exercise. The theories permit economists to claim mystic wisdom, governments to pretend that they have the power to dispel hardship with the whir of a printing press, and voters to believe that they can have recovery without sacrifice."

He also added: "Governments cannot create but merely redirect. When the government spends, the money has to come from somewhere. If the government doesn't have a surplus, then it must come from taxes. If taxes don't go up, then it must come from increased borrowing. If lenders won't lend, then it must come from the printing press, which is where all these bailouts are headed. But each additional dollar printed diminishes the value those already in circulation. Something cannot be effortlessly created from nothing.

Tough to argue against his dude, and he's absolutely right when he assess that our economy is broken and that remedy is a recession, and it's not fun, easy or quick. But if we put our faith in the power of government to make the pain go away, we will live with the consequences for generations.
Reply With Quote Quick reply to this message
 
Old 01-16-2009, 07:42 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,680,136 times
Reputation: 3695
Chef, I don't disagree w/your post at all....my suggestion was that once the door is opened to bashing one party, things spiral out of control.

But, since your bashing both, go ahead and proceed...

In all seriousness, we as a country are in a "freakin" mess.....I agree w/schiff that there will be no "free lunch". There will have to pain somehow at the end of all of this (ie most likely rampant inflation).

Its really a shame...

Oh and BTW, BofA just got another 20Billion.......what a disgrace.
Reply With Quote Quick reply to this message
 
Old 01-16-2009, 07:57 AM
 
Location: Waxhaw, NC
494 posts, read 1,183,105 times
Reputation: 171
I have no words for this thread...it is all just a big mess. :-(
Reply With Quote Quick reply to this message
 
Old 01-16-2009, 08:03 AM
 
27,903 posts, read 34,465,431 times
Reputation: 4031
Did I miss Bush in all black fatigues again robbing another B of A branch...

Anyways. So Chase announced a lay off for some folks around here. I think the future layoffs are about to happen if they haven't to some already. People are making a lot of personal moves/changes to help absorb any shock that might happen.
Reply With Quote Quick reply to this message
 
Old 01-16-2009, 09:51 AM
 
Location: Huntersville
1,852 posts, read 4,676,205 times
Reputation: 525
I really wish people would read up on the details.

Some day well they should not have merged with Merrill if it was going to be bad. EXACTLY what BofA thought and were going to back out. In December when the $15Billion loss came to light, BofA, said what a second, maybe we don't want to do this deal. The government stepped in and said, this would be very bad for the economy, why don't we give you some additional protections. I.E. we will buy another $20Billion of preferred stock in your company with 8% dividends, and give you bad asset insurance to the tune of $118Billion, which will cost you $x. BofA said, ok we'll do it. So again, BofA had a bad quarter by themselves by losing about $2Billion, but thats still not as bad as others. I think BofA is a good investment right now, at $8.. (don't hold me accountable for that though).

As for who started this mess, bah there areso many people from politicians, to CEO's, to crooked bankers and the American People. Chef, you say you blame Bushbecause it was under his watch. I agree, a lot of blame falls to his administration, but you say that service jobs shouldn't be around. ??? We should all build things instead. I love building things, but that didn't fly in 1950 and not certainly not going to happen in 2009. Why do we need Banks? No one forces you to use a Bank, feel free to keep your money under your mattress, but people like the convenience of credit cards, online bill pay, mortgages to buy a house, car loans, safe places to keep your money, interest bearing accounts, retirement plans, etc. Banks have been around for 100's of years and aren't going anywhere. Society changes, we have always had different jobs, Hunterers, Gatherers, etc.

So 2009 is going to suck for so many people and places. But I think if the government did or does nothing it would suck worse. People who don't like the bailout and stimulus package, what would you prefer them do? Hey let BofA fail.. That would be a very bad thing, it's not like your loans would go away, someone else, possibly a foreign company would pick them up. and 300,000 people could be out of work.
Reply With Quote Quick reply to this message
 
Old 01-16-2009, 01:30 PM
 
Location: Charlotte, NC
7,041 posts, read 13,134,749 times
Reputation: 2324
Well, I don't wish any bank ill (after all, I work for one) but, I guess that this was a wake-up call for BOA who was, IMO, acting pretty arrogant prior to this. Also, I really agree that the CW purchase will become THEIR Golden West. (if it hasn't already)
Reply With Quote Quick reply to this message
 
Old 01-16-2009, 05:19 PM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,769 posts, read 6,767,381 times
Reputation: 2109
Quote:
Originally Posted by Whytewulf View Post
I really wish people would read up on the details.

Some day well they should not have merged with Merrill if it was going to be bad. EXACTLY what BofA thought and were going to back out. In December when the $15Billion loss came to light, BofA, said what a second, maybe we don't want to do this deal. The government stepped in and said, this would be very bad for the economy, why don't we give you some additional protections. I.E. we will buy another $20Billion of preferred stock in your company with 8% dividends, and give you bad asset insurance to the tune of $118Billion, which will cost you $x. BofA said, ok we'll do it. So again, BofA had a bad quarter by themselves by losing about $2Billion, but thats still not as bad as others. I think BofA is a good investment right now, at $8.. (don't hold me accountable for that though).

As for who started this mess, bah there areso many people from politicians, to CEO's, to crooked bankers and the American People. Chef, you say you blame Bushbecause it was under his watch. I agree, a lot of blame falls to his administration, but you say that service jobs shouldn't be around. ??? We should all build things instead. I love building things, but that didn't fly in 1950 and not certainly not going to happen in 2009. Why do we need Banks? No one forces you to use a Bank, feel free to keep your money under your mattress, but people like the convenience of credit cards, online bill pay, mortgages to buy a house, car loans, safe places to keep your money, interest bearing accounts, retirement plans, etc. Banks have been around for 100's of years and aren't going anywhere. Society changes, we have always had different jobs, Hunterers, Gatherers, etc.

So 2009 is going to suck for so many people and places. But I think if the government did or does nothing it would suck worse. People who don't like the bailout and stimulus package, what would you prefer them do? Hey let BofA fail.. That would be a very bad thing, it's not like your loans would go away, someone else, possibly a foreign company would pick them up. and 300,000 people could be out of work.

You're pretty much right on the money. If BoA didn't do the deal with ML then ML would have collapsed and yet another major US financial institution down the drain and further dragging the economy down with it. Thinking about it, what would you do? In this instance on paper it made more sense to entice BoA to continue with the deal. Bleeding profusely is much better than bursting a major artery. It's the better of two bad situations.

So BoA will get the ML assets they can write off, a ton of cash from the Government which will keep giving them money a needed (buy stock in green ink). So from BoAs vantage point, hey- the tax payer will pick up the tab most of the ML deal, we get protection from further losses and large chunks of cash as needed to keep it all going. Sweet!!!

Now, when and how do you think that will trickle down to Joe and Jane small biz owner trying to make payroll? Joe and Jane would also like to refi, will BoA be there for 'em. Who knows, time will tell.

There are a lot of people making money in this crisis that you will never ever see or hear of, but hey that's the way it's always been.
Reply With Quote Quick reply to this message
 
Old 01-16-2009, 06:39 PM
 
Location: Sanford North Carolina
10 posts, read 16,379 times
Reputation: 10
Bank of America and Wachovia are Charlotte's backbone,
With them gone, the city will lose a lot of what makes it Urban, and stand out from Raleigh.
I do think that if the banks fall, then Raleigh will eventually catch up with Charlotte, maybe in 40 years?

But
Bank of America's losses weren't as bad as expected, and with all the extra money pouringg in, they'll get back on track soon.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top