Americanly Yours

There has been a lot going on lately and Ive been too busy to write, but Im gonna try to catch up today.

I want to begin by talking about the “stimulus” that Obama is pushing and has passed both the House and the Senate in different versions.

Less than a week after President Obama declared an end to partisan bickering, he failed to get even a single Republican vote on his “stimulus” bill.  Even 11 Democrats voted against the hyper-expensive $819 BILLION bill.  To put that in perspective, $819 billion is more than the total amount of US currency in circulation!  The $819 billion also exceeds the cost of the Iraq War by over $200 billion dollars.

Apparently, Democrats and Republicans are negotiating a compromise that will cost around $900 billion dollars (thats a cost of $3000 for every single American man, woman, and child).

On top of this, Obama has requested $350 billion from the second half of the TARP program.

And Obama’s administration is considering requesting an additional $1-2 Trillion for a similar bank and mortgage bailout program.  Meanwhile, New York Senator Charles Schumer who is vice chairman of the Joint Economic Committee says that the government may need $3-4 Trillion for this program.

Lets add up the “worst case scenarios.”  $900 billion for this new “stimulus,” $350 billion in additional TARP funding, and $4 trillion for this new program being proposed and we have a total of $5.25 trillion!  This would increase the size of the national debt by 50% and cost $17,500 per person.

And of course none of this has any guarantee of working.

Americanly Yours,

Phred Barnet

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By effectively nationalizing the banking industry, our government has made a giant leap away from Capitalism and towards socialism.  Our government now owns large stakes in most of the Nation’s largest banks.  The government has already invested $271 billion of the $700 billion that it budgeted for “stimulating” private banks.  The have committed to funding another $30 billion.  The rest of the $700 billion will follow soon.  Additionally, some members of Congress are already saying that because the first half of the $700 billion isnt being spent “correctly,” more money may be “needed.”

Here is a really cool chart that lists how much each bank has received from the TARP program.  It is updated daily.

I absolutely refuse to put my money in a government owned bank.  I will not allow the government to take the profits it earns off of my deposits to fund any further bailouts.  By banking at a government run bank, you are encouraging these bailouts.  If you are against further (or existing) government bailouts, then it is your duty to remove your money from this bank and place it in an independent bank.  I used to bank at Washington Mutual which is now owned by JPMorgan Chase (which has received $25 billion from the government in exchange for ownership rights).  I removed my money from this bank as soon as I was able to identify a local bank that had not sold part of itself to our government.

I now bank at United America’s Bank in Chamblee.  This is a small bank with only a few locations in Atlanta, Chamblee, and Roswell, but it is a bank that is independent from government ownership.  Plus, it has the added convenience of being the closest bank to my house.  Whether you live in my area or somewhere else, if you oppose government bailouts and government ownership of businesses, you should consider putting your money in a small bank that is not owned by the government.  I would be glad to help you find a non-government owned bank in your area.

Americanly Yours,

Phred Barnet

I just saw a report on CNBC that the TARP program (the government bailout of banks that resulted in government ownership of banks) has already lost the government 37% of its investment.  Remember, this was the program that was supposed to be profitable for the government and it was said that this program would return nice profits to the taxpayers.  Instead, the government has lost 37% of the money that it has invested so far.  I am not surprised.  The government (against the wishes of the public) invested money it didn’t have in companies that are failing—can anyone really be surprised that the loss is already so large?

On another note, I am very very very busy studying for finals and writing massive essays for grad school.  I will not be able to regularly update this site until December 15th.  Expect regular updates after that.

Americanly Yours,

Phred Barnet