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  • All Banks Are Not Failing

    by Founder on January 16, 2009

    in Voice of the People

    With the economic climate as bad as it seems and the news media constantly releasing negative story after negative story – one would think that our entire financial system is collapsing or has already collapsed. Based on the fact that our government is giving away money like it grows on trees – and how most of this money has been aimed at the failing banking system – one would think that every bank in America is on the verge of bankruptcy or failure. Nothing could be further from the truth.

    There are actually banks out there that believe in Capitalism, hard work, honesty and pride. There are banks that do not need the governments help and who simply don’t want the governments “help”. There are banks out there who will stand up to Hank Paulson and say “no thanks” to his dirty, printing press money.

    New York Community Bancorp is now my favorite bank. After being given the “OK” by the Treasury to receive a mere $596 Million – New York’s fourth largest bank quickly told the Treasury “No Thanks”. If only the other banks that have taken this tax payer money – had similar smarts, business savvy and foresight – they too would have seen that they were merely “selling out” to the government and losing ownership of their businesses. This is Socialism and Fascism. The same ideologies we fought to defeat in WWII.

    New York Community Bancorp is a great American company – forging ahead on the wings of Capitalism. They could have taken the money – but they didn’t. The executives could have grabbed the money, lined their pockets and frivolously wasted this money just as the other banks have done – but they did not do this. They smartly did not want to take on the government as a partner and staved off Socialism as it was knocking at their door – but it will knock again – hopefully their answer will be the same every time.

    This 178 branch bank had won approval for the release of $596 Million – but they didn’t need it. How many banks were given millions or billions of tax payer dollars – and did not need this money? Yet took it anyway. They took this money especially because it came without any requirements to report how they are spending it or plan on spending it! A very tempting offer for greedy, corrupt executives.

    New York Bancorp did not fall for this trap. This bank turned the deal down because of what they call the “possible ramifications”. What do they mean by this – “possible ramifications”? They were referring to – as they put it – the “related costs and benefits, as well as the potential impact on the long term value of shares”. No wonder they don’t need the money – listen to how they think. They think like a true capitalistic business that realizes it can’t spend more than it takes in and that it must be concerned with it’s “share holders” value. This is capitalism.

    Yet the most shocking and important reason why this bank did not take this “printed money” was because of the following – the bank would have had to sell a $596 Million stake in itself to – the government! This is not a bail out – it is a “take over” – just like with all the other banks that gladly took tax payer money.  Our government now owns a good portion of America’s banking industry. Does this scare you ? This is called Socialism and our government is now fully in the business of promoting and preaching Socialism.

    Yet this “super bank” doesn’t need the tax payers money because – it is financially healthy and completely untainted by junk assets and bad mortgage loans – a smart bank indeed. As they say – we are “well capitalized” to continue on without the help of the Treasury. Maybe THIS is the greedy bank – the bank that wanted to actually remain in business - as they saw other banks around them giving loans to people who did not have the credit nor the income to pay them back. This is the real capitalistic and greedy bank – this is the bank that spends less than it takes in – what a novel idea.

    Keep your hopes high people. There are good, honest businesses and banks still out there. But if you listen to the negative media, you would think ALL is bad. All is not bad. Capitalism still thrives in America – however it is now necessary for us to rise up together in large numbers and fight off Socialism as the government attempts to shove it down our throats and turn America into a socialist society – where its citizens are dependent on “big daddy” government for everything.

    Stand with me and voice your opinion. Stand for what the Constitution stands for. Fight with me for capitalism and the free markets. Everything you have today is because of the free markets. Thank God for businesses like New York Community Bancorp – they are a shining beacon in the quest to keep Capitalism alive and well – now and into the future.

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