Follow Barack Obama prior and during his tenure as the 44th President of the United States. Read about my personal observations along with every day facts as they happen. This blog will only submit factual information about the first black President, now in his 2nd term of office.


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Two Lawmakers, Sen. Richard Shelby and John McCain state that Some Large Banks Should be Allowed To Fail..

Sunday, March 8, 2009

With all of the money floating around these days to help banks and the people who try to borrow from them, along with the state of the economy and what it has done to the citizens of this country, you would hardly think that someone would actually say that some of the big banks need to fail too. Going along with what Rush Limbaugh said about the President, there are some top Senate Republicans that are saying that these large banks who have already received bailout money should be allowed to fail if they cannot stay afloat. They believe that they should not receive any more money. It appears that Senator Richard Shelby, the Ranking Republican on the banking committee who happens to be one of those Senators who believe that some large banks should be allowed to fail, doesn't seem to get it. Sometimes it amazes me on how ignorant some people are, and in this case, that would be Richard Shelby and guess with who??!!! The one and only John McCain, who also told Fox News today that he did not think President Obama "made the hard decision, and that is to let these banks fail." He also says that "Unfortunately, the shareholders and others will take a beating," he said. I guess he also forgot about the monies that the banks have already taken. If the government now allows banks to fail, especially big banks like CitiGroup that have already taken lots of bailout money, then how would the government get it back? What about all the people that would loose there jobs from the banks. That would signal just more of a recession. The stocks would continue to plummet even more, and more banks may decide to call it quits.
A president like Obama would hardly listen to such crazy stuff from the Republicans, no matter who they were. He appears to be dedicated in in beliefs to rescue the banks and the people who use them. He wants banks to be able not to only survive, but also to be able to provide loans to the people who need them, signaling that the economy is getting better. Just think how the automakers would be doing now if John McCain was the President of the United States.
So once again, anyone who would believe that President Obama would likely allow major banks to fail, must not truly understand how the Obama government works, or is out of touch with what the president is trying to do.
Another scenario.... Let's just say that one of the major banks, and in this case we will use CitiGroup, decides to let go and fail. What will happen to that car loan that you or I made with that bank that failed? Don't put it past the dealer that sold you that car to tell you to refinance the car or return it. Heck, they might just decide to take it. That kind of stuff has already happened with smaller banks that have already failed.
Yes indeed ! This is a very scary time to be living in. But lawmakers, give this country a chance to come back and grow again. By allowing large banks to fail, that would only continue the downward spiral of the economy, and too many people will get hurt from it.


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