Take 2, another $40 Billion down the drain.

Today the Federal Reserve and Treasury Department have decided to provide an additional $40 billion dollars to the failing and flailing AIG.  This brings the total bailout to, wait for it...

$150 billion dollars of taxpayer funds.  The largest bailout ever.

While the method and details are more complex than the simple number suggests,  the basics of the NEW deal is that we have added $40 billion to the loan, lowered the interest rate overall and provided a longer payback period (from 2 to 5 years).    The new CEO, Edward Liddy, explained today on CNBC that this will provide the breathing room needed to get the company on track and time to sell its assets at a better price.   Since taxpayer own 79.9% of AIG at this point I hope Mr. Liddy can prevail.  However, the likelihood of this happening is very low.

It appears that our government though its proxies (the federal reserve) will continue to trade good taxpayer deposited funds for shady "assets" including CDO's, CDS's and other alphabet soup derivatives that the markets are telling us are basically worthless at this point.   As this mountain of liabilities piles up on the balance sheet of the Federal Reserve, our national wealth is evaporating.   

What is next...$50 billion of our money to help the perpetually failing auto industry?  Unfortunately for us the answer is yes.

Obama Wins! World shocked, relieved.

The world is in a state of shocked disbelief.  After re-electing GWB for a second term most of the world wrote America off as past its prime, a nation headed toward distruction, and/or a bunch of morons.  While I never ascribed to this view, it cannot be ignored or discounted in respect to our general world perception and standing.   With a new leader and new direction Americans now have an oppourtunity to regain our position as that "shinning city upon a hill" (to quote another great, transformative President).  As Obama so elequently stated in his speech last evening, this election is about the people, he cannot do it alone or even with his voter constituency.  We must come together as a people, get off the couch, turn off the TV, help the old lady across the street, realize that our own actions have profound effects on our neighbors, which effects their neighbors and down the line.  Voting is not the end of our mission, but the beginning of a new future for America.  The loud sound of a young generation resounded throughout the halls of Washington DC to my delight and surprise.  We actually showed up and made our voices heard.  

Now comes the hard part, actually doing what we have be saying for so long.  Change will not come without the change in many individuals; change in attitude, synicism and most importantly change in our daily activities.

It is still my belief that the change we seek will come from a change in how we save and spend money.  As long as we run up deficets and spend beyond our means we will remain slaves to the banks and credit card companies.  We have seen one race break out of its chains and attain the highest office in the land, now we need another race, the human race to break free from the chains of debt to become free and attain the higest goals we set for ourselves.

Yes we can is not a slogan, it is the rally cry for persoanl action and responsability to ourselevs and our children.  What better lesson or legacy can we leave than the undoubtful belief that if we set our mind to the "impossible" we can achieve greatness.  YES WE CAN!

Commerce Bank offically no more, welcome in the new era of TD Bank.

It's Official!  I am writing my first post i the HobokenDirect.com blog.  The concept of this blog is to keep you informed about important information vital to life in Hoboken, and life in general.  

The merger between TD Bank Financial Group and Commerce Bank was completed back in March of 2008.  However the transition from the Commerce brand to the TD brand was made offical this Monday when the exterior signs were replaced on the front of the landmark bank at 47 Newark Street.

The Philedelphia Business Journal is reporting that 

"TD Bank said the deal will make it the seventh-largest North American bank by branches with 2,100 -- almost 1,100 which are located in the United States. TD Bank officials have said evaluation of branch overlap in areas such as New York, New Jersey and Pennsylvania are ongoing but there have been no decisions about how many sites, if any, will be closed.

TD Banknorth President and CEO Bharat Masrani will serve as the combined bank's CEO. He has said he will spend time in Maine and New Jersey, and said earlier this month that he plans to buy a home in the Philadelphia area. There were no immediate announcements about the roles of Commerce's top executives, including Chairman Dennis DiFlorio, CEO Robert Falese and Chief Financial Officer Douglas Pauls."

Most Importnatly to ex-commerce bank users is...

"TD said it plans to keep the Commerce model built on customer convenience and fast branch expansion. Commerce branches will offer seven-day banking with the same long hours, strong customer service and popular conveniences including penny arcades and treats for children and dogs. He said TD Banknorth customers will have longer hours and a wider range of ATMs."

As an ex-commerce bank user I must say that the hours and service were the best in the business and I am glad they are keeping these aspects alive.  As the world financial system lurches forward we will definatly see more mergers, aquisitions, failures, and government takeovers.  TD Bank 's financial picture looks strong, but in these times and days of off balance sheet "assets" I could be completely mistaken.   For now my bet is on the TD Bank brand will stand for a few years.