This week, two important institutions in the Baltimore area faltered, reminding us why we hate recessions. From what I’ve observed, Bradford Bank was a lovely local institution led by fine people. The fact that the bank ran into such significant economic/financial difficulty is testament to the fact that it was a lender; a participant in our community’s development. I’m not suggesting that issues of liquidity and solvency aren’t important, only that I retain a fondness for local institutions led by locals and we’ve just lost another one. That said, I’m fully aware of the value that the M&Ts, PNCs and Bank of Americas generate for a large metropolitan economy, but like many people, I have a tendency to root for the little guys, too.
We also lost a truly distinctive place at which to dine, the Brass Elephant restaurant in Mount Vernon (perhaps temporarily??). When I was first married, this is one of the first places I took my wife in order to impress her with her new home. Like many, I hope the restaurant comes back better than ever.
I’m also hopeful that I’m right that the recession is over. Despite the ongoing departure of enterprises precious to us, the fact of the matter is that things could be much worse. The economy has improved roughly a quarter before I thought it would, though I remain concerned that much of the uptick in activity recently is merely temporary and that economic demons are simply waiting for the federal government and Federal Reserve to look in a different direction (akin to 1937-38).
-AB
Indeed
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These people at the fed are not fooling anyone. The Fed bought the paper at $1 face value from the banks and will probably sell it back to the banks at a nickle, meaning the banks will reap a 95 cent gain as the FED is virtually backing an elaborate counterfeit operation by creating the 95 cents out of the air (via at the expense of American savers through an inflation based tax and game called Seigniorage http://en.wikipedia.org/wiki/Seigniorage. The games that these soulless people play. Now you know why Hank Paulson and these other well known politically connected people are becoming some of the largest holders in these large banks that should be insolvent. Regardless if your a democrat or republican, Get out to vote in Nov 2010 and tell your Reps that you understand the massive corruption that is going on. These people are not fooling anyone. Time to stop these games.
Funny part is that the Republican party was formed to FREE the slaves (which the Democrats opposed). Martin Luther King was a Republican. And now they have their own ‘Coffee Party” full of children of the rich and people (of all colors) are ready to fall at their feet. By the way, do you know the difference between the Republican and Democrat parties? Republicans are rich greedy company owners who never worked a day in their lives and Democrats are the children of the rich greedy company owners that are still rebelling against their rich greedy Republican parents. And until Mommy and Daddy stop taking care of them, they will continue to do so. The worse part about it is, the hard working Americans are the ones stuck in the middle because somebody has to work so the money can keep rolling in. Oh, that’s right, Clinton (another poor little rich boy) sent all the good jobs overseas when he signed NAFTA so all the rich, greedy, company owners could pay kids 50 cents a day in sweat shops. (It’s legal over there)
This country is far from beaten. What the brit hasn’t seen is the sleeping anger that american citizens build just before they put their boots on and go to kicking. Our government has foolishly tested those lines this time and it won’t be forgotten.
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