SunTrust Bank -- which is prominent financially in Tennessee and the South -- was one of 18 banks that lined up today for federal bailout assistance.
So far, the U.S. Treasury has purchased a financial interest in 27 U.S. banks, even though it is becoming increasingly apparent that these mega-billion-dollar-bailouts have made little difference in turning the stock market around here and across the globe.
And the credit markets have yet to really thaw, because many of these banks do not want to lend due to more of their home mortgages that will be going bad. Home values are expected to decline another 20 percent.
The question facing each of us is how do we make a statement about these bailouts that make a political difference. I do business with Bank of America, which also is one of those financial institutions that also sees it as our responsibility to bail out their bad decisions.
I'm going to quit doing business with it to make a statement. If you do business with SunTrust, your might consider doing the same.
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1 comment:
Yeah but unlike Bank of America SunTrust didn't get into Subprime mortgages and lend to people who couldn't afford a home bigger than their paychecks would allow. SunTrust is one of the only banks still doing strong in this economy and not closing branches and laying off most of their employees
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