How do you feel about Bank Of America buckling to political pressure?

[rudder]

http://www.bloomberg.com/apps/...hQLJY.mx0Cg&refer=home

They will now providing a loan to a company that will probably never pay it back.

Political pressure came from Illinois and groups are the country rallying for the workers...

http://www.huffingtonpost.com/...-suspend_n_149272.html
http://www.suntimes.com/news/p...w-doors-120708.article
Too lazy to find links about Jesse and Al.

I know, I know... they got bailout money. Why did they need the bailout money in the first place? From making loans to people who could not pay them back.

So does this mean that banks now get a seat at the union bargaining table? Do they get thier say? As it stands now BoA has no power to tell the company what to do with the money. Republic windows is a crappy company. They should have followed the law and told the employees that they could be laid off. Why can everyone with three days notice?

 

[Moonbeam]

Waiting for the Greek riots here.

 

[IceBergSLiM]

in all honesty.......fuck BoA everyway possible.

 

[StageLeft]

Isn't even their money anyway, I'm not sure why they care anymore.

 

[0marTheZealot]

This is the folly of bailouts. BoA has billions in federal loans and chooses to horde it instead of using it as intended.

Furthermore, Republic Windows, a company that is not competitive or not as competitive as it thinks it is, is essentially being bailed out by a bailed out company. Again, how deep is the rabbit hole? The government has instituted a culture of bailouts (homeowners, banks, insurance companies, auto companies) and now every industry needs a bailout. There isn't an industry that isn't hurting nowadays. The government needed a backbone and say "you know what, you made your bed, now go sleep in it." Instead, we are spiraling towards a planned economy or a socialist economy.

 

[Darwin333]

Originally posted by: IcebergSlim
in all honesty.......fuck BoA everyway possible.

Why? It will just cost us more money.

 

[dmcowen674]

Originally posted by: 0marTheZealot
This is the folly of bailouts. BoA has billions in federal loans and chooses to horde it instead of using it as intended.

Furthermore, Republic Windows, a company that is not competitive or not as competitive as it thinks it is, is essentially being bailed out by a bailed out company. Again, how deep is the rabbit hole? The government has instituted a culture of bailouts (homeowners, banks, insurance companies, auto companies) and now every industry needs a bailout. There isn't an industry that isn't hurting nowadays. The government needed a backbone and say "you know what, you made your bed, now go sleep in it."

Instead, we are spiraling towards a planned economy or a socialist economy.

I hope you and your radical righties really hate it and leave.

You packing yet?

 

[MovingTarget]

I say that it is good. If RW had gotten their loans for payroll, their factory would still be running and employing a good number of people. We bailed out BoA and other banks because of the credit crisis and they hoarded the money for their own gain instead of using it as intended. The pressure they received just pushed them in the direction that they were supposed to be going in in the first place. Fsck 'em.

 

[GroundedSailor]

Originally posted by: MovingTarget
I say that it is good. If RW had gotten their loans for payroll, their factory would still be running and employing a good number of people. We bailed out BoA and other banks because of the credit crisis and they hoarded the money for their own gain instead of using it as intended. The pressure they received just pushed them in the direction that they were supposed to be going in in the first place. Fsck 'em.

This (bolded).

Every time RW gave BoA a business plan BoA rejected it and closed the line of credit. That would close most companies down, even if they were planning to downsize & keep running.

In this case BoA does not have my sympathy.

 

[dmcowen674]

Originally posted by: GroundedSailor

Originally posted by: MovingTarget
I say that it is good. If RW had gotten their loans for payroll, their factory would still be running and employing a good number of people. We bailed out BoA and other banks because of the credit crisis and they hoarded the money for their own gain instead of using it as intended. The pressure they received just pushed them in the direction that they were supposed to be going in in the first place. Fsck 'em.

This (bolded).

Every time RW gave BoA a business plan BoA rejected it and closed the line of credit. That would close most companies down, even if they were planning to downsize & keep running.

In this case BoA does not have my sympathy.

Amazing how so much of this stuff is putting the apologists on the carpet.

Their hate for America could not be any clearer.

As it grows I look forward to them getting to the point of totally in a snit and leave. :thumbsup:

 

[Slew Foot]

So now when BOA needs a bigger bailout they can balme the government for making them make loans that no one could pay back.

This is just the first step, just wait until the govt makes the banks redo all the subprime loans.

 

[tk149]

Originally posted by: MovingTarget
I say that it is good. If RW had gotten their loans for payroll, their factory would still be running and employing a good number of people. We bailed out BoA and other banks because of the credit crisis and they hoarded the money for their own gain instead of using it as intended. The pressure they received just pushed them in the direction that they were supposed to be going in in the first place. Fsck 'em.

How does witholding a line of credit benefit BoA for their own gain?

 

[0marTheZealot]

Originally posted by: dmcowen674

Originally posted by: 0marTheZealot
This is the folly of bailouts. BoA has billions in federal loans and chooses to horde it instead of using it as intended.

Furthermore, Republic Windows, a company that is not competitive or not as competitive as it thinks it is, is essentially being bailed out by a bailed out company. Again, how deep is the rabbit hole? The government has instituted a culture of bailouts (homeowners, banks, insurance companies, auto companies) and now every industry needs a bailout. There isn't an industry that isn't hurting nowadays. The government needed a backbone and say "you know what, you made your bed, now go sleep in it."

Instead, we are spiraling towards a planned economy or a socialist economy.

I hope you and your radical righties really hate it and leave.

You packing yet?

what the hell are you saying?

First off, I'm not some radical right-wing nut, I'm actually pretty left when it comes to most issues.

Secondly, I'm just making an observation. I haven't yet formulated an opinion on the current reorganization of the American economy.

Finally, why would I leave this country? I mean really Dave, this is just straight trolling.

 

[Ozoned]

Originally posted by: rudder
http://www.bloomberg.com/apps/...hQLJY.mx0Cg&refer=home

They will now providing a loan to a company that will probably never pay it back.

Political pressure came from Illinois and groups are the country rallying for the workers...

http://www.huffingtonpost.com/...-suspend_n_149272.html
http://www.suntimes.com/news/p...w-doors-120708.article
Too lazy to find links about Jesse and Al.

I know, I know... they got bailout money. Why did they need the bailout money in the first place? From making loans to people who could not pay them back.

So does this mean that banks now get a seat at the union bargaining table? Do they get thier say? As it stands now BoA has no power to tell the company what to do with the money. Republic windows is a crappy company. They should have followed the law and told the employees that they could be laid off. Why can everyone with three days notice?

This is how community organization is supposed to work. Salinsky would be proud. If this is the only way (extortion) people can take control back from big money and government, then I will have to rethink my belief structure.

 

[SP33Demon]

BOA are a bunch of spineless idiots.

 

[Harvey]

Originally posted by: rudder

Topic Title: How do you feel about Bank Of America buckling to political pressure?

:thumbsup:

As Skoorb notes, it isn't even B of A's money. It's our money given to them with the specific intent of funding struggling businesses. Republic Windows and Doors manufactures energy saving windows and doors that reduce energy costs and the carbon footprint of buildings using their products. This is exactly the kind of business banks should be using their bail out money to support, instead of acquiring other banks, funding their execs' golden parachutes or just sitting on the capital.

 

[Dari]

This is what happens when you take government money...powerful strings are attached.

 

[Zenmervolt]

Originally posted by: Harvey

Originally posted by: rudder

Topic Title: How do you feel about Bank Of America buckling to political pressure?

:thumbsup:

As Skoorb notes, it isn't even B of A's money. It's our money given to them with the specific intent of funding struggling businesses. Republic Windows and Doors manufactures energy saving windows and doors that reduce energy costs and the carbon footprint of buildings using their products. This is exactly the kind of business banks should be using their bail out money to support, instead of acquiring other banks, funding their execs' golden parachutes or just sitting on the capital.

Harvey, almost every window and door company makes energy saving windows and doors. Pella and Anderson are two excellent examples of national companies that are making energy saving windows and doors and neither Pella nor Anderson has required a bailout. Republic is not manufacturing any unique product, they are merely a tiny, tiny player in a very large market. If Republic went out of business the overall production of energy efficient windows and doors would not be significantly affected.

The facts:

- Republic Windows and Doors is not credit-worthy.
- Republic Windows and Doors does not manufacture a unique product since other manufacturers (who, incidentally, are on firmer financial footing) also manufacture functionally identical products in much larger quantities.
- Republic Windows and Doors employed nearly 700 people in 2006 but employs fewer than 300 people now. The company has clearly been suffering for a while now.
- Our tax dollars are being given to a company that should rightly fail.

It simply doesn't make sense to throw our tax money away on a company that is doing so poorly that it has had to cut more than half of its workforce in only 2 years.

I'm all for energy efficient windows and doors, but the shuttering of Republic will not even cause a minor blip in the overall energy efficient window and door market.

ZV

 

[BoberFett]

Originally posted by: dmcowen674

Originally posted by: 0marTheZealot
This is the folly of bailouts. BoA has billions in federal loans and chooses to horde it instead of using it as intended.

Furthermore, Republic Windows, a company that is not competitive or not as competitive as it thinks it is, is essentially being bailed out by a bailed out company. Again, how deep is the rabbit hole? The government has instituted a culture of bailouts (homeowners, banks, insurance companies, auto companies) and now every industry needs a bailout. There isn't an industry that isn't hurting nowadays. The government needed a backbone and say "you know what, you made your bed, now go sleep in it."

Instead, we are spiraling towards a planned economy or a socialist economy.

I hope you and your radical righties really hate it and leave.

You packing yet?

Is it wrong for me to think the world would be a better place if Dave put a gun to his head and pulled the trigger?

 

[dlx22]

Originally posted by: BoberFett

Originally posted by: dmcowen674

Originally posted by: 0marTheZealot
This is the folly of bailouts. BoA has billions in federal loans and chooses to horde it instead of using it as intended.

Furthermore, Republic Windows, a company that is not competitive or not as competitive as it thinks it is, is essentially being bailed out by a bailed out company. Again, how deep is the rabbit hole? The government has instituted a culture of bailouts (homeowners, banks, insurance companies, auto companies) and now every industry needs a bailout. There isn't an industry that isn't hurting nowadays. The government needed a backbone and say "you know what, you made your bed, now go sleep in it."

Instead, we are spiraling towards a planned economy or a socialist economy.

I hope you and your radical righties really hate it and leave.

You packing yet?

Is it wrong for me to think the world would be a better place if Dave put a gun to his head and pulled the trigger?

i've noticed most of his posts go like this:
blah blah blah you apoligists...
blah blah blah you far righties
blah blah blah blah leave the country

seriously the leave the country arguement has to be one of the most juvenile arguements of all time.

 

[sandorski]

Tip: If you don't want Government telling you what to do, then don't be an Idiot and get yourself into a No-Win situation requiring Government to Bailout your Ass. Government has essentially become Major Shareholders in many Financial Institutions. Shareholders dictate company policy. It's not Rocket Science.

 

[woodie1]

Originally posted by: SP33Demon
BOA are a bunch of spineless idiots.

I was gonna say, "no backbone" but you hit the nail on the head.

 

[Thump553]

This has nothing to do with poltics. Bad publicity is the reason BoA caved in on this-and the only reason.

As to why BoA pulled the line of credit, you must understand the relationship between small business people and bank loan officers. The loan officer is extremely risk adverse by nature and occupation, and is under a lot of pressure by his/her superiors. Small business owners are entrepeneurs-and prone to be alpha type personalities and risk takers. Many, many times these two get into personality disputes which result in the loan officer closing the line of credit. There is a whole field of law known as "lender liability" based on this. About ten years ago I got involved in a situation where the bank shut down a line of credit on a very profitable small business. The business went into Chapter 11 & the bank got beat out on their loan-in part because of lender liability issues. The company is still in business to this day, and thriving (with a different lender).

Without knowing the detailed facts of this case, its is foolish to presume BoA's decision was smart, or even in the bank's best interests.

 

[JS80]

Originally posted by: sandorski
Tip: If you don't want Government telling you what to do, then don't be an Idiot and get yourself into a No-Win situation requiring Government to Bailout your Ass. Government has essentially become Major Shareholders in many Financial Institutions. Shareholders dictate company policy. It's not Rocket Science.

wrong x 11ty gagillion

 

[Zenmervolt]

Originally posted by: sandorski
Tip: If you don't want Government telling you what to do, then don't be an Idiot and get yourself into a No-Win situation requiring Government to Bailout your Ass. Government has essentially become Major Shareholders in many Financial Institutions. Shareholders dictate company policy. It's not Rocket Science.

You do realise that the governmental bailout of banks was not optional, right? Banks were required to take the money and were not allowed to refuse it even if they were financially solvent.

ZV