[Vision2020] rebate checks

[Paul Rumelhart]

While we're on the subject, I think it's worth noting that one of the 
"Keating Five" Senators accused of asking the regulators to ease off on 
investigating the Lincoln Savings and Loan Association during the S&L 
bailout fiasco was John McCain.  Charles Keating, the Chairman of 
Lincoln Savings and Loan had given John McCain $112,000 in campaign 
contributions and his wife and father had invested heavily in a Keating 
shopping center.

Paul

Tom Hansen wrote:
> It is not the banking industry, g-ster.
>  
> The S&L bailout concerned a considerable amount of savings and loans 
> companies that made some serious unwise investments that (surprise!) 
> failed.
>  
> >From the March 18, 1991 edition of the New York Times at:
>  
> *http://tinyurl.com/47952d*
> **
> "The lawmakers [Congress] have refused to give the [Bush] 
> Administration open-ended financing for the savings and loan rescue, 
> feeling burned by the experience of 1988, when savings regulators, 
> facing a shortage of funds, bailed out almost 200 savings associations 
> in deals now seen as giveaways. Those deals are expected to cost 
> taxpayers more than $69 billion. "
>  
> And . . .
>  
> "The track record of the Resolution Trust Corporation is hardly 
> reassuring. It has sold only about a quarter of the $120 billion in 
> assets that it held at the end of last year from the 352 savings 
> associations that it had seized, auditors at the General Accounting 
> Office said. Its task has been complicated because the portfolio 
> includes many undesirable investments, like raw land and high-risk 
> 'junk bonds.'"
>  
> Maybe it's about time we got the rich off of welfare, dontcha think?  
> Or dontcha think?
>  
> Seeya round town, Moscow
>  
> Tom Hansen
> Moscow, Idaho
>
>
>
>     ------------------------------------------------------------------------
>     From: jampot at roadrunner.com
>     To: ophite at gmail.com
>     Date: Fri, 9 May 2008 06:09:42 -0700
>     CC: vision2020 at moscow.com
>     Subject: Re: [Vision2020] rebate checks
>
>     I am, for the most part, not a fan of corporate bail outs either.
>     But since your question is how is bailing out the banking industry
>     any less "welfare" than giving poor people money to spend on food
>     a reply is in order. The banking industry pays huge amounts in
>     taxes and employees many, many people. Poor people pay no taxes
>     and employee no one. The government in its bail out of selected
>     banks is returning a small percent of the tax money it received
>     to the organization that has paid in significant amounts in the
>     past and will pay more in the future. Poor people not so much.
>     Banks kept open will continue to provide jobs. Poor people
>     subsidized will only create more poor people. An argument can also
>     be made that a portion of the banks problems were brought on by
>     the government forcing them to extend credit to a much riskier
>     pool of borrowers in the name of "fairness." The government, for
>     all its faults, does not create poor people. It might encourage
>     them to stay that way but it generally doesn't put them there in
>     the first place.
>      
>     g
>
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