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Go to foxnews.com and watch the video "Napolitano: Banks forced to take TARP".
It is unbelievable what the government forced this bank to do.
It is unbelievable what the government forced this bank to do.
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You guys are just unbelievable when it comes to the conspiracy theories... I generally do not waste my time posting in these ludicrous threads based on back-alley or heavily biased news organizations but...
The reason banks were "given" money and it was to nearly ALL the major banks was to not allow an unfair advantage to occur to the banks that really didn't need it.
For example: If bank A needs 50 billion and bank B doesn't need any help at all, it could cause massive deposit shifts to the "non-tarp" banks further destabilizing the behemoths like BofA and subsequently the entire national banking system in general. In order to maintain stability in the banking system in the eyes of the public, banks are literally forced to take the money and told to not give it back for a while. If this strategy was not followed we would have massive bank failures or the government would have to make MUCH larger contributions to keep them going because of the aforementioned actions by the public.
The guy at this bank is obviously trying to make a point (and a name) at a time when our country and world is in a crisis. The government DOES NOT WANT TO OWN HIS BANK. All these banks will pay back the government in due time and things will be back to normal. I love how the participants in that interview tried to slip in the statement about controlling salaries like: First the government "threatens" us to sell them shares, then they will come in and control our salaries and tell us how to run our business. ZOMGGGGGG!!!! The Soviets are coming!!!1111 What a complete laughing stock. What does his bank have to do with AIG??? If you are an educated person, or consider yourself even moderately sophisticated in financial affairs, you should see through this spin easily. If you are eating it up and then having long conversations with your fellow Limbaugh listeners the following day at work... you are living in a fog.
If you want to learn about financial issues in America (or the world) watch CNBC. DO NOT get your financial news from FOX or some other partisan news source. All that will do is further inflame your conspiracy-theorist mentality and leave you frustrated and tired from all your late night trips to Wal-Mart to buy ammo for your weapons stash.
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