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Zions will seek bailout money
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Zions will take whatever Hand Out the Government wants to give, and why not, I sure would, the fact is that money, all of every "Bail Out Plan" should have been divied up to the AMERICAN TAX PAYER! This would have given families the ability to get out of debt, giving PLENTY OF MONEY TO THE BANKS, and Plenty of Money to be invested in stocks, bonds, new small business and savings! Also would have JUMP STARTED THE ECONOMY 110 fold!!! The problem is, we are the little guy who foots the bill, they don't care about us. I tried to tell Senator Hatch and others about this great idea, but nobody even replied, they just STOLE YOUR HARD EARNED MONEY and gave it to the guys who pay their campaign financing! This GOVERNMENT IS CROOKED and nearing it's END MY FRIENDS!!!
Yep, hypocrits abound!
Socialism bad.....oh wait, not it's not.
If Zions would have concentrated on runing its business according to sound principals and leave America First, the would be better off.
Are many politicans in our government corrupt? Yes! Are many Wall Streeters and investment bankers corrupt? Yes! Are there honest politicans, Wall Streeters and investment bankers? Sure there are. We just need to find them!
As far as Zions goes, sounds like they are looking to accept some of the low cost capital in order to improve the credit availablity which will help the states they are in come out of this economic difficulty. It is also a competitive reason that if their major competition such as Wells Fargo has cheap capital to lend out, then Zions is smart to accept lower cost capital in order to compete.
While I don't like this "rescue plan" at all, I don't trust Obama and the new super-majority, and I believe that the markets and banks would have come out of this fiasco on their own (with maybe a weeding out of a few more weak banks), Zions is probably making the right decision based on what is going on.
the problem is when obama take his socialist agenda to washington he will have more than half the the bailout money to spend. one of the first things that will happen is the word temporary will be removed. giving him one less industry he has to put under his socialist government control. with democrates in control of congress they will quickly give him whatever he wants.
so we are we still wanting the change that obama has been talking about and promised to bring to washington?
wake up america the alarm clock has been going off for some time. wake up.
Our current expectation would be to apply for more then the minimum but probably not the maximum but we�ve not decided how much. We�ll be discussing that over the next week or two among ourselves and with the Board and we know of no reason why we would not receive approval if we do apply." (Doyle Arnold, CFO)
Zions Bank, Wells Fargo, Chase and all of them love to take our money!!! FREE MONEY FROM US AND FROM THE GOBERMENT!!!
CREDIT UNIONS!!! BY THE PEOPLE, FOR THE PEOPLE (and is not socialism, you fools!)
When the "pure" capitalistic enterprises become government owned, it's only a matter of time before the board of directors becomes governmentally nominated.
Once you join and start sliding the slippery slope, you only go faster. Time will tell. It's only a matter of time before we realize how far into socialism we've gone.
I question what will happen if we are now at the start of a great depression and those banks can't pay back the stocks in five years? How much further will the government and Federal Reserve go to "Fix the economy" by taking it over?
The government and Federal Reserve have done a bang up job over the past decade. I don't see those in Washington changing. I believe we need "new blood" and new ideas in Washington, like letting the Constitution be the guideline for policies and programs. Both Democrats and Republicans are not representing the people so I no longer vote for them. I do vote, but rarely when they have a "D" or "R" by their name.
Loans and leases written off in the third quarter amounted to $95.3 million. Three months earlier, Zions wrote off $67.8 million.
Expecting more real estate woes, Zions set aside $156.6 million to cover future bad loans. That was up from $114.2 million three months ago and $55.4 million a year ago.
Hmmm..... Looks like Zions is right in there with all the other bankers in their greed in lending to people they shouldn't have been lending to. Of course, we all know who keeps them in business.....
YES, our economy will recover (give it a year or so), and NO, our nation will not become a new socialist mecca. Obama will serve two terms (maybe he'll even balance the budget like Clinton did!), and then people will elect some centrist Republican. Meanwhile, life will go on while we all earn money, raise our families, and send our kids off to college.
All is not bad in Zion.
A big mistake made in the Great Depression is that the government decided to hoard money rather than keep the market liquid. That is one reason that it was as bad as it was.
The Government is buying preferred (non-voting) stock in various strong banks. It is not free money. Now the taxpayers own a stake in these institutions and the banks will buy back the stock in a few years. In the mean time, the stock sale creates capital which the banks can lend so that companies can meet payrolls, factories can order raw materials and so that credit worthy people can buy homes at killer deals. Otherwise, everything grinds to a halt and then your job is in jeopardy and your 401-K tanks for the long-term.
This is one of the best ideas (and better than the original idea of buying the toxic assets) I have ever seen. I wish someone had thought of it 60 years ago!
The Bailout just shouldn't have happened...period!
We live in a generation of no consequences.
All is not well in Zion nor in any part of the world right now. This is the begining of the great sorrows we have ahead of us. Get prepared now or be greatly saddened later.
Headline writer dude really let the reporter down with this one. In the end, it's the same story from earlier in the week, nothing has changed!
If you would do research before commenting, you would find that Zions Bank in Utah and Idaho doesn't do first mortgage lending. They sell all of there first mortgage loans to USBank. PEOPLE NEED TO REALIZE THAT ZIONS BANCORP IS MORE THAN JUST ZIONS BANK!!!
It looks like only about 6 of you actually read the whole article.
The government isn't going to give anybody this money.
Zion's has certain kinds of stock to sell.
The government has a program to buy them. It gets value for its money. These stocks can be resold and at a profit.
By doing this, Zions bank will then have more money to lend at a good rate to people who are qualified to buy homes or fix them up, among other things. This will employ people who are not working now, people in the construction industy and those who supply them. More people working is a good thing, folks.
It isn't welfare.
This will help many citizens, including business owners and the average person.
People need to be working, money needs to circulate.
You need to pull your heads out of your prejudices and think about what's really going on.
Zions Bank isn't getting bailed out by some gift of free money from the tax payer. They are selling a product and using the capital from that sale to make more loans and get money moving again.
Don't let your prejudices cloud your thinking.
"You're kidding right? Even Zions Bank is going to cash in on the bailout? I didn't know they were in trouble or do they just want some "free" money for a cushion? Lots of questions but after reading this article I still can't find the answers."
I've known for months that Zion's Bank was on the list of banks that are likely to fail. Zion's Bank has been in trouble for quite some time and it is shocking that you didn't know that. Most lists of banks that are in trouble include Zion's Bank.
By the way I think it fair to mention that Clark Hinckley is the son of President Hinckley who until recently was President of the LDS Church.
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