Illinois Governor Suspends All State Business With Bank Of America!

Illinois Governor Suspends All State Business With Bank Of America!

rawstory.com

In a stinging note of support for the laid off workers that have taken up residency in Chicago's Republic Windows & Doors factory, the Governor of Illinois has suspended business with Bank of America until it reissues credit to the shuttered company.

(visit the link for the full news article)

Whoa...

Rarely, if ever, do I applaud the gov, but in this instance, for once, they appear to be doing something for the "little people".

This bailout has become the biggest joke and robbery EVER, and like this Governor states, THIS is what it should have been going TOWARD--Helping businesses and workers that are the backbone of the economy stay afloat in trying times.

Instead, these crooks are all SITTING on the money, or using it for their own greedy agendas.

Perhaps EVERY state should hit these crooks where it counts, just like Illinois has so brazenly done here...

Bank of America, Chicago's second largest bank, has received over $15 billion in bailout funds from the federal government. During a Monday news conference, Illinois Governor Rod Blagojevich insisted that the money was intended to be used for purposes such as this.

AMEN.

rawstory.com
(visit the link for the full news article)

I applaud this action. Like you said I don't normally applaud the gov't for meddling but this had to be done

Ok, this one is hard for me. I guess I want to know more about how the bailout is supposed to work.

A lot of people have been living paycheck to paycheck. I think those people forget that the economy has been bad enough that employers have been doing the same thing. They can only do so much. As soon as people stop paying their bills, the companies are going to hit a brick wall. They cant very well continue to allow them back to work if they cant pay them. Yea, 60 day notice would be great, but it is not realistic. When people stop paying bills those companies do not get 60 day notice.

Why extend credit to a business whose clients cant pay their bills?

Demanding severance and such is no different than the creditors calling demanding money. "Cant squeeze blood from a turnup and cant get money from me".

So, I dont understand. I guess if the bailout means the banks paying these people who lost their jobs until they can find another one....cool, but they are going to need a lot more $$$$ than just $15bil

reply to post by DimensionalDetective


IMPORTANT !!!!!!!!!!!!!!!!!!!!anybody that has business with bank of America needs to take their money out of their banks and put it in local banks!!!!!!!!!!!!!!!

The whole deal is goes deeper!!!!!!!!!!!!!!!!!

The bank of America was one of the first banks in the US to get tax payer money from the bail out they are using the money to invest in China!!!!!!!!!!!!!!

Read the story!!!!!!!!!!!!!!

Just one month after receiving $25 billion form the Treasury to stave off disaster, Bank of America spent $7 billion to increase its holdings of China Construction Bank.

In mid October Bank of America was one of the hand-selected institutions to receive the first phase of the $700 billion bailout package. As one of the world’s largest banks, Bank of America was deemed suitable for a cash infusion by the Treasury Department in order to shore up its assets and get the bank to open up its channels for lending. Bank of America is apparently lending, but it is lending overseas rather than to beleaguered home and business owners in the United States who desperately need a hand.

www.economyincrisis.org...

They took the money gave the finger to the American tax payer and took billions to China.

Incredible.

People needs to boycott this bank

[edit on 8-12-2008 by marg6043]

sorry I have to laugh but kudos to the gov!!

Tho this is all abit odd i think, some things I just like you have been reading dont even addup!!!

How can the people who print the money HAVE NO MONEY??? They charge us all "regardless of what place you live in" so were is all that money they made on intest we pay back?..

Then you have the case of central banks like the fed ect who get intrest to print the money / currency that the smaller banks use / issue ?

Im not stupid or smart but this is far from over and something VERY fishy is going on with all this bank stuff.

---- Follow the money??? Yep and we all know who prints it,,, i guess there is the answer to all of this THE BANKS who cooked the books for the corps who got fat and greedy!! but then why on earth has the meltdown happend if everything was so rosey? it cant be afew dumb people in the usa who got into way to much debt? i mean wtf? there is way more to this than they are telling.. and as a ats reader of many topics i think this is the FED gone global "1913" jakel island n all that comes to mind heh..

But kudos to the govener i hope he has eyes in the back of his head. coz some peole are going to be waaay miffed at him !!

reply to post by marg6043


GM is doing the same thing !!!

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.

According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to "complete the renovation of the line of products up to 2012."

www.laht.com...

If I were a governor, I wouldn't stop there. I'd keep going. Since the courts have decided that eminent domain can take property from one owner and sell it to another if it's "in the interest of the community," then that's exactly what I'd be doing:

Taking all the bailout banks' land property in my state and selling them on the cheap to the local and regional banks. All of it.

I completely agree with the governor in this instance. The failings of the banks are an indication of the problem, not the malady itself. These banks are at or near the top of the economic ladder and if they are suffering it is because the common American citizen is suffering.

The bailout money has been completely wasted by going directly to the banks, who in turn will seek only to stabilize themselves. Who in their right mind would've thought the banks would then turn around and put the money back into the economy?

The bailout should've been conducted from the ground up. The money should've been given to the citizens who's houses are going into foreclosure and the companies who are going through bankruptcy. This is how you stimulate a failing economy, not by giving more money to inept and corrupt corporations.

Oh no. Did I just read that America is going to be bowing down to China now? Talk about a shift in power taking place. This has been very thoroughly predicted in the past. Well, now its happening. Investing in China is going to become a trend, so, don't get mad because Bank of America is doing it. Pretty soon, everyone will. Did you really expect for them to invest in our failing economy?

[edit on 12/8/2008 by Mr Knowledge]

reply to post by theresult


Please listen... There is NO MONEY from the interest paid back. It doesn't exist except on a ledger.
An example. I am the source of all money. I print $10,000 and loan $1,000 to 10 different businesses at 10% interest. At the end of a year I call in all the loans. Theoreticaly (sp?) I should now have $11,000. Where the **** did the other $1,000 come from if it doesn't exist. I didn't print any. I know this is simplistic but this is exactly what has happened with the credit industry. The bubble has to burst eventually. That time is right now and the gov't is just applying a band-aid to slow down the bleeding.

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

Originally posted by Shadowflux

The bailout should've been conducted from the ground up. The money should've been given to the citizens who's houses are going into foreclosure and the companies who are going through bankruptcy. This is how you stimulate a failing economy, not by giving more money to inept and corrupt corporations.

The original $750B of bailout money was meant to buy out toxic assets and stave off foreclosures. That was one reason why people like Obama were supporting it. Then the Bush administration changed its mind and let the banks do anything they wanted with it.

Meantime, the automakers have to grovel for 15B and meet all kinds of criteria and conditions before they can get any assistance to keep their workers on the payroll. (A previous poster pointed out that GM plans to invest 1B in Brazil--offshoring more jobs I suppose--so maybe this kind of oversight is necessary).

If you represent the average person with a mortgage there's a whole different set of rules.

I agree with Marg--boycott the banks that don't invest in the American people.

reply to post by Sestias


Maybe everyone should pull all their money out of every bank anyway. After all, it's OUR money they're playing with, OUR money they're losing, OUR money they're giving to their CEOs for million dollar vacations. Lets take it all back, it's not like your really getting all that much from your savings account anyway.

reply to post by Shadowflux


I thought the savings of Americans were at an all time low. Would the
banks care if we pulled out? I think it would hurt them more if business
and governments pulled their cash out of banks that aren't acting in the
best interest of the country.

reply to post by Shadowflux


Unfortunately, I think most people would soon realize that there is no money to go around for everyone. Remember that if a bank says it has ten million dollars, it probably only has like 2 million in actual cash on hand.

Not to mention, a nationwide run on banks would be disastrous.

I actually closed my account with BoA today, as I had learned that they had invested money in China with their bailout money on top of the fact that a lot of their company policies over time have shifted so far out of line with my own personal beliefs that I could not continue with them.

I'll stick with my main local credit union. Everyone that works there knows me, I know them, I get a good interest rate on my savings, and while I never had the need, I have seen them bend over backwards for their customers.

Originally posted by Sestias


The original $750B of bailout money was meant to buy out toxic assets and stave off foreclosures. That was one reason why people like Obama were supporting it. Then the Bush administration changed its mind and let the banks do anything they wanted with it.

Slightly off topic but I thought this was worth mentioning:

I may be misinterpreting your feelings, and if so I apologize in advance, but lets not jump on the bandwagon of placing all of the blame for the failed bailout on Bush. People were screaming about the bailout when it came out that it would fail, was unfair, would lead to much more than 700 billion being spent, and had almost no oversight. In fact, many congress people got record numbers of mail telling them not to vote for it, and yet they all did.

Now these politicians and their sympathizers will blame it on Bush, and say that they had no choice, because the information they were given said we had to act immediately and it would work. Hmm, now where have I heard that mantra before? Oh yeah! Thats their defense of why they all voted for the Iraq war!

How many times will we leave our corrupt representatives use this as an excuse? If you were a representative that was legitimately fooled by the administration on Iraq, fine. Fool me once, shame on you.

But these very same representatives that have been telling us for years that Bush evilly lied to them take his word not half a decade later to give an unprecedented amount of tax dollars away, despite overwhelming public outrage? Either these people are all corrupt, or they are the dumbest people in the world. Either way, each and every person that voted for this bailout should be thrown out of office.

Don't be fooled by thinking that Obama didn't know what was up either. He specifically went to Washington to have special meetings about this bailout, and he could have led democrats to demand oversight into this process, but he let it go. It starting to look like us crazies that have been talking about how this was a scam that both parties were involved in are starting to look more credible. I urge people, stop making excuses for politicians because their in your party or you like them, and instead hold all of them accountable if they voted for this.

reply to post by Grambler


Thank you for saying the obvious in better words than I could muster. Clearly our representatives are not voting in our interest, yet idiots vote to keep them in office anyway... Pretty grim outlook for the future.

reply to post by DimensionalDetective


Yea, lets give millions in credit to a failing company. Come on...........

This is business, Bank of America has so much in bad credit as it is that it will never get back. They just want to make sure they have good business so they can continue to employ as many people as it can. This window and door company is obviously going out of business because of lack of new homes and businesses going up. Why give millions in credit to a failing company???? Would you?

I think it's a great move on the part of the Govenor, it's about time and hopefully more State and Local Authorities will start looking at how hey can use their authority to break up these banking cartels.

It wasn't that long ago that the Cook County Sheriff refused to serve any more Foreclosures on the Bank's behalfs because of what he said was their wilfull failure to notify renters of the property from the actual mortgage holder was causing a humanitarian catastrophe.

I am honest enough to say I have conspired to cheat on women, my taxes, and showing up late for work enough to know that conspiracies exist in the world, even if they are just my very own!

These bail outs seem to me to be nothing short of the looting of the Treasury. The incredible thing is that the Federal Reserve is a private institution, what ever it gives to these banks from the Bail Out it's actually first loaning the money to the Treasury which we tax payers actually have to pay the Federal Reserve Interest on the money they loan the Treasury to do it. The banks aren't going to pay that interest, the banks are the Federal Reserve. We pay the interest. Currently our governent owns the Fed so much money it equates to about 175,000 dollars for every man woman and child in America!

The frightening thing is the last act of any government is to loot the Treasury.

With the bulk of the Bail Out Money going to Citi-Group and it's Chairman of the Board Sir. Winn Bischoff also a member of Obama's economic team, I sure wouldn't be expecting help in redressing or slowing the hand outs to the banks being initiated from Obama. With the Chairman of Time Warner also sitting on Citi-Groups Board of Directors I sure wouldn't expect the Media to denounce the practice either.

I think the term Banksters fits!

This is a great link to a great 5 hour documentary that I think sums up the Banksters and their mentality and practices.

Ring of Power