
According to Doug Casey, investor, best selling author and head of Casey Research, when crunching the numbers of all of the government bailouts, the total number comes to 8.5 trillion dollars! Let me say that again, 8.5 TRILLION dollars!
At the risk of sounding stupid, why was this money given to these companies? Was it to help keep the people on Main Street employed? Was it to help keep the CEO's of these companies employed? Doesn't it mean that the banks can start lending again? If any of these questions are answered with a yes, then I have one more question, why is the entire state of Illinois considering boycotting Bank of America?
Bank of America cancelled their line of credit to a shutter factory, Republic Windows & Doors, located in Chicago Illinois, forcing them to close the doors immediately. Republic Windows & Doors practices cradle-to-cradle designs, that is to say, that all the materials used are recycled, eliminating all waste. This immediate shut down has led to many factory workers without a job, without notice, without severance pay and without earned vacation pay. The governor of Illinois, Rod Blagojevich, has responded to this crisis by stating that the entire state would cease all business transactions with Bank of America. If Bank of America received 25 billion dollars in bail out money from the government, then shouldn't they be able to continue lines of credit with their customers?
This is not just an issue in Illinois or with Bank of America, it is a reflection of what is happening with the economy, this is a concern for all of our local businesses in Hernando, Citrus, Hillsborough, Pinellas and Pasco Counties. Where is this bail out money going?