OBAMA to the RESCUE!

News are saying that this development resulted from influential pressures both from the liberals and the GOP.

Fellow democrats allegedly pressed the administration to shift the massive bailout fund's focus away from rescuing big financial institutions toward homeowners and small businesses, while Republicans is believed to have been pressuring the Chief Executive to end the administration's rescue program and use of bank repayments to cut the national debt.

But, regardless, the American Bankers Association feels that it's really about time for community banks to receive assistance from the rescue funds.

"Community banks feel like the government assistance efforts to date have left them on the sidelines," Mark Tenhundfeld, a senior vice president at the bankers' association told the Associated Press.

AP further reported that the rescue fund, also known as the Troubled Asset Relief Program (TARP), has about $320B available funds to allocate and spend, which is a combination of some unallocated funds and more than $70B of repayments from banks, out of received bailouts from late last year. The TARP is scheduled to end this coming December 2009, but the administration could opt to extend it until October of 2010.

Sheila Bair, chairman of the Federal Deposit Insurance Corp. (FDIC), generally defined community banks, whose assets is less than $1B. In her testimony to Congress last week, she stressed that those smaller banks have become especially vulnerable in the face of mounting losses and defaults in construction and commercial real estate loans.

Bair attested that she had been discussing TARP help for community banks with Treasury officials.

This development was welcomed by Democratic Party but strongly criticized by Republicans.

I guess election is not over yet. It seems like with all the efforts that President Obama had been exerting to resolve the 101 chain reactions of recession, the GOP has always a criticism to say.

Politics should end when result of the election is already achieved. All officials, elected or appointed should work for the good of the American people.

Recession has already started when Pres. Obama sat and took his office. He hadn't even had his one year anniversary and there are great pressures out there for him to do something impossible, which is ridiculous really! Because, even a kindergarten could say that President Obama is just a president and he's not a god to do miracle and grant his critics' unrealistic whims.

It drives me nuts to hear that Republican Texas Rep. Jeb Hensarling, of the House Financial Services Committee urged the administration to end the program at year's end and even say "I will strongly suggest to community bankers in my district that they reject an invitation from the Obama administration to participate in TARP."

Vindictive as it sounds to me and so unprofessional!

Rep. Hensarling demanded to end the program and threatened to influence community bankers on his district to reject the President's invitation, does that sound responsible?

Well, well, well, all I could say is that the community bankers in Texas, whether small or huge, high profile or not, most likely they are all wearing suits and ties when they come to work, which means; they are guaranteed professionals! And that they value ethics more than political pressures. Moreover, their decisions wouldn't be influenced by any political parties, rather by what is good for the business and the consumers. Because, that's what's rational!