Thanksgiving Issue: Greg’s Newsletter / 11-25-08

Well another day and another bank bailout, a week after Paulson said the bailouts have stabilized the most important financial institutions. Citibank has now got an early Christmas present, another $40 billion atop of the $45 billion a short while ago but the real present is the government backing 90% of the $306 billion of possible bad assets.

This bailout has not done what we were lead to believe it was going to do and that is to ease the credit crisis. Instead of the banks lending again, they are depositing that money into their banks and sitting on it. That is good, for now, for the share holders but does very little in getting the economy moving again. So once again we see Paulson taking care of the industry he is from, with no consequences for the banks not following through with what our money was intended for, lending money to businesses and people to inject capital into the economy as a whole.

Bush backs it and Barney Frank, Chairman of the Congressional Banking Committee, said I wish the banks would start lending again. This just goes to show you the toothless tiger our government has become. It is not going to change because with Obama nominating Timothy Geithner for Treasury Secretary, the status quo will be maintained. He has been involved every step of the way with Paulson managing the bailout. I hope buy now everyone sees that our government will only do what the economic powers behind our political system directs them to do. We now live in a true oligarchy, not the country our Constitution and Bill of Rights promised, government by the people for the people. Definition: Ol-i-gar-chy – a form of government in which all power is invested in a few persons or in a dominate class or clique: government by the few.

Getting away from this economic discussion I want to wish all of you a Happy Thanksgiving and remember even with the darkest of times, we must be thankful for what we have and that is our faith in God and our family and our friends, for these are the most important part of our lives. Enjoy your day, count your blessings, and let the problems of the world go away, for at least a little while. May God bless all of you.

Greg Goodwin



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