It is curious to me a taxpayer, who is a son of a coal miner, who served in the United States Navy, who worked as an hourly worker for Ford, who completed a career in education that a financial institution, Capital One, is using my tax dollars to purchase another bank.
According to the Associated Press, Capital One received $3.56 billion in bailout funds and has now paid $445 million in cash and $75 million in stock to buy Chevy Chase Bank. Questions arise. If a bank can buy another bank, why should it receive bailout money from taxpayers? If this is how the bank is using our money, should the government proceed to collect the bailout money back? Why is this just fine at the same time you people are raking over the legislative coals the executives of another industry asking for government loans that amount to about 6% of what you gave the Republican-deregulated banking industry.
When you people passed the $700 billion dollar rip-off of U. S. taxpayers, I reluctantly bought into the claim that these banks were “too big to be allowed to fail.” Now, while you and your well-heeled Senate brethren look down your noses at the auto industry and pretend that their problems are caused by the unions or by government interference, both of which are damned lies, you ignore banks refusing to loan money to Americans while they buy other banks. “Obscene” is the nicest word I could muster for this class warfare.
I will wait for your reply, not anticipating anything approaching honesty.
1 comment:
Dad, at some point you'll have to run for office.
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