So everyone can understand.
On Valentine’s Day last year, Bank of America shares were trading at $43.60. Last Wednesday Senator Gregg’s shares were worth $3.77 each. Today, with rumors flying that Geithner’s Treasury plans to keep rich people like Judd Gregg just as rich as they believe they deserve to be, Bank of America shares are going up. Right now a share costs $6.94. Yep, Geithner to the rescue of Gregg. Rich men smell money around Obama and Geithner and the stock market is responding.
Last year Judd Gregg’s bank account had $3 million dollars in it. Today it has $450,000. Judd Gregg opened his investment statement every month for a year with a sinking feeling. Hundreds of thousands of dollars of HIS MONEY up in SMOKE every single month. And at the end of a year, Judd Gregg sees that he lost $2.5 MILLION dollars.
To go from $3,000,000 to $450,000 is a massacre. He’s been wiped out, basically.
Again, let’s keep it simple so that the Screaming Maniacs who want to distract us with utter rubbish about “Communist Nationalization!!” can begin to understand. Bank of America is on the verge of collapse. In a free market, a failing company watches its stock value plummet and the people who OWN those stocks watch their own, personal net worth go right down with the ship.
That’s good ole fashioned American Capitalism, Baby. But Judd Gregg doesn’t like it. He wants the taxpayers to make Bank of America’s stock worth more so that he can begin to reverse his OWN PERSONAL LOSSES and have $3 million dollars in his bank account again instead of a measly $450K.
What O’logo and Geithner apparently are prepared to do is to take YOUR MONEY and put it in the private bank account of Judd Gregg. Their plan would send the stock prices of Bank of America and other institutions soaring again by using American taxpayers’ money to cover all the bank’s losses. We pay so that Judd Gregg doesn’t have to.
Judd Gregg wants his $2.5 MILLION dollars back and he thinks YOU should cough up the dough. It really is as simple as that.
When he voted as a Senator to approve $700 Billion dollars of tax-payer money to bail out Bank of America’s shareholders, was Judd Gregg voting for the people of New Hampshire, for the people who elected him to office, or was he voting for his own personal bank balance?
And this is the kind of person President O’Logo has handed our country over to.
I live close to New Hampshire, and I know more people than I’d want to count who work in the Massachusetts high-tech industry and live in Southern New Hampshire. When the tech bubble burst in 2001, lots of people I know personally who live in New Hampshire and maybe voted for Judd Gregg were wiped out. Their retirement funds lost up to 90% of their value. They lost their jobs, for a LONG time. Some of them switched fields, moved out of state — had to start over. Some of them lost their homes. These are regular, professional, hard-working people. It’s not their fault that so many of the companies they worked for went bankrupt and laid off their entire work forces on one horrible day, or that the stock prices of the tech companies they had invested in crashed through the floor. Nope. It’s never one person’s fault. So it’s not Judd Gregg’s fault either that Bank of America has brought itself to the brink of collapse.
But how come when it’s my neighbor Tom, who lost his job, his savings, and his house in 2002 when the bubble burst, no tax-payer funded bonanza is enacted to keep him securely in the upper middle class, but when it’s Judd Gregg’s wealth on the line we’re all supposed to pay up? Sometimes complicated political problems really AREN’T all that complicated and really CAN be boiled down to one simple statement: NO FAIR!
The U.S. Treasury could simply BUY EVERY SINGLE share of the country’s five biggest banks for LESS THAN the 2nd half of the TARP Bailout. Just buy them all! And then sell them back to the private sector tomorrow — to people like Judd Gregg even. I mean he’d still have $450,000 to play with — not as much as the $3 million he had last year, but ahem, America IS supposed to have a free market, no? That’s not nationalization. The banks would be back in the hands of private owners in less than a month. But the owners of the private hands would change a bit. People OTHER than Judd Gregg would have bigger pieces of the pie he likes to believe he deserves.
And that’s not okay with people like Judd Gregg. He’s the 24th richest senator. The other rich men and women in the U.S. Senate who have less than clean motives? Here’s a list of the 25 richest members. Why am I NOT SURPRISED that more than half of them are Democrats?
|1||Herb Kohl (D-Wis)||$336,885,513|
|2||John Kerry (D-Mass)||$267,789,805|
|3||Edward M. Kennedy (D-Mass)||$102,822,519|
|4||Jay Rockefeller (D-WVa)||$90,713,011|
|5||Dianne Feinstein (D-Calif)||$79,555,657|
|6||Frank R. Lautenberg (D-NJ)||$79,051,090|
|7||Lincoln D. Chafee (R-RI)||$42,943,055|
|8||Elizabeth Dole (R-NC)||$37,226,568|
|9||Mike DeWine (R-Ohio)||$37,041,716|
|10||John McCain (R-Ariz)||$36,881,100|
|11||Hillary Clinton (D-NY)||$30,756,004|
|12||Lamar Alexander (R-Tenn)||$27,804,745|
|13||Bill Frist (R)||$24,870,515|
|14||Gordon H. Smith (R-Ore)||$23,352,570|
|15||Richard C. Shelby (R-Ala)||$20,469,011|
|16||Olympia J. Snowe (R-Maine)||$18,963,031|
|17||Jeff Bingaman (D-NM)||$15,601,634|
|18||Ben Nelson (D-Neb)||$13,383,027|
|19||Johnny Isakson (R-Ga)||$13,203,037|
|20||Tom Harkin (D-Iowa)||$7,895,035|
|21||Kay Bailey Hutchison (R-Texas)||$7,881,552|
|22||Evan Bayh (D-Ind)||$7,726,014|
|23||Mark Dayton (D)||$7,628,210|
|24||Judd Gregg (R-NH)||$6,446,039|
|25||Maria Cantwell (D-Wash)||$6,181,006|