Is anyone else worried about this?
The news that the Chinese government is taking over some American banks has been greeted in America with almost total silence. Technically it is a Chinese company that is taking the banks over but since the majority shareholder in the company is the Chinese government, perhaps we are splitting hairs.
From The Hill:
U.S. lawmakers have been unusually silent about federal regulators' decision to allow a Chinese bank to take over 13 bank branches in New York and California, suggesting that they think American banks have much to gain.
Members of both parties usually relish the chance to bash China on everything from government subsidies to the yuan's exchange rate. Yet Wednesday's decision by the Federal Reserve to certify a Chinese bank acquisition for the first time was met by near-universal silence.
Scott Talbott, the head lobbyist for the Financial Services Roundtable, said that's unsurprising. The U.S. wants China to open up its financial services market – foreign ownership of Chinese banks is limited to 25 percent – and allowing a Chinese presence in the U.S. is seen as a necessary trade-off.
“What this boils down to is that there are a ton more potential customers in China for U.S. banks than there are potential customers for the Chinese here,” Talbott said. “So in the long run, the approval is going to benefit the U.S.”
Wednesday's decision allows Industrial & Commercial Bank of China, which is 70 percent owned by the Chinese government, to take an 80 percent stake in a Hong Kong-based bank with 13 branches in the U.S. The Fed also allowed two other Chinese banks to open branches in New York and Chicago.
The decision came days after Treasury Secretary Tim Geithner met with top Chinese officials for annual talks in Beijing. China agreed during those talks to allow foreigners a greater stake in Chinese brokerage firms.
One of the very few lawmakers to speak out has been Sen. David Vitter (R-La.), who has a separate beef with the Fed over monetary policy and is holding up two nominees to its board of governors. And even he limited his response to a Tweet – two days after the announcement.
“In midst of my dispute w/ Fed,” Vitter wrote on Twitter, “news they're allowing China banks to takeover American financial institutes & enter banking market...bad news.”
Okay, let’s see if we have this straight. The Obama Regime is letting the Chinese government take over some banks here in America because we want the Chinese to open their markets to American financial services companies. So by opening the door to the Chinese, we hope they will do the same.
Has anyone ever told the idiots in the Obama Regime that hope is not a strategy?
The Chinese manipulate their currency so that they run huge trade surpluses with us. They have artificially lowered their prices so that Americans cannot compete with them, in many areas destroying the American manufacturing sector.
The Chinese to not believe in “fair trade.” The look on trade as a part of economic warfare and they do understand one simple concept. You fight a war to win it.
What is the advantage to America in allowing the Chinese government into our financial services markets? The answer is there is none. It is not in our best interest at all.
If the goal is to penetrate the Chinese market, then let the Chinese open their market first and then we can discuss reciprocity.
Until then, this is a very bad idea.
Tags: american, banks, branches, chinese, financial, government, over, sector, take
Replies to This Discussion
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Permalink Reply by Michael Bilak on
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Just FYI for all of you that have HSBC accounts and credit cards, HSBC stands for Hongkong and Shanghai Banking Corporation. Yes it's a multinational bank with its HQ in London but still has international ties and holdings to many banks in China.
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Permalink Reply by Ginny Marriott on -
Oh great. :-( I'm paying on an 18-month interest free promotion through Best Buy and HSBC is who they use. At least they won't be making any interest off me, but I won't be doing business through them in the future. Please educate me on something... I thought Hong Kong was "OK", not like the Chi-Comms... am I wrong about that? Thanks!
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Permalink Reply by Debrajoe Smith-Beatty on
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Our expensive government has just about finished America off. VOTE INCUMBENTS OUT OF OFFICE and let the clean up of the current criminal government begin.
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Permalink Reply by Richard Banko on
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How to Turn This Country Around
Anyone with a lick of common sense knows that this country has taken a serious turn for the worse in the last twenty years or so. The deficits we have forged; forgetting all of the politics and losses of freedoms, have threatened to change the way we live forever. We have taken a decidedly hard turn to the left and there are now millions of people dependent on the government to survive. That was never the intention of our forefathers. Additionally the class warfare that is taking place is devastating to the mindset of the younger generation.
Somehow the government has convinced people that it is their right for the government to take money from the rich to give to the poor. We have spawned an entire generation of professional protesters. People who think someone should give them money, just because. Where did this thought process come from? Europe has tried this for decades and they are about to be consumed by it. Didn’t we learn anything from them? Socialism doesn’t work. Yet they haven’t even learned from themselves. France is about to elect a guy that is proposing a 75% tax rate. Who the hell in their right mind will work, only to give the government 75% of their earnings? I wouldn’t. So my prediction for what will happen there is this. France will be bankrupt in no time. Everyone will quit working and count on the state for a stipend. Only problem about that, is with no one working, where’s it going to come from?
I honestly believe part of our problem is that few people understand what it means to be 15 trillion dollars in debt. Or that fewer people understand that the number is really four times that much when you add in future promises, like SS and Medicare, etc… The numbers are almost beyond comprehension. We can never repay these debts under normal circumstances. The only way to do it is to hyper inflate our dollar which only serves as a way to deflate our standard of living. What the people that are dependent on the government don’t realize right now is this: they are stuck in a way of life that will only get worse as the overall way of life weakens. The poor will be poorer. If the socialist leftists get their way we will be no more than a giant ‘banana republic’ as we used to call the poor countries in the Caribbean.
Fellow Americans, it is time to come together as one to solve the problems the bloated and egotistical government has created. Whether you are Republican, Democrat, Independent, or none of the above, it is time to realize the government is out to perpetuate its long standing hold over this country. The Democrats that have championed the poor for decades did that to win their votes. Look at Detroit for the perfect example of how all of the money they have thrown at poverty has been nothing but a waste. There’s an old saying: “Give a man a fish, feed him for a day. Teach him to fish, feed him for a lifetime.” Well that saying applies to money and education. “Give a man a dollar, give him a cup of coffee for a day. Teach him to earn a dollar and he’ll have coffee guaranteed for life.”
It’s time to understand that handing money to people is nothing but a vehicle for the government to entrench itself in people’s lives. Why do you think the government is so good at doing what the people don’t want? People want less government, but the government wants more, to ensure the Senators and Representatives in power, remain in power. We are in the midst of the biggest economic downturn since the great depression, yet our leaders live high off the hog, at our expense. The Senate hasn’t even passed a budget in over three years. That function is mandated by law. Why are those clowns even drawing a paycheck? They aren’t doing their jobs. If something like that happened in the private sector, people would be fired immediately. We the people need to fire the Senate, the entire Senate, led by the totally moronic and incompetent Harry Reid. The guy is a disgrace to this entire country, not just the state he represents.
One other thing people need to be aware of. Right now the current administration keeps preaching tax increases for the rich, so they can pay their fair share. There are a few issues there. One, who determines what’s fair? The rich pay by far the majority of the taxes right now and 49% pay nothing. Is that fair? Some of the uber rich have come out and said the government should tax them more. Well who are they to suggest that? If they want to pay more, they are certainly free to do so. However, one of the hypocritical preachers is in a long standing duel with the government over a billion dollar tax bill for one of his companies. If he’s so anxious to pay more, why doesn’t he just pay that bill?
Everyone, and I do mean everyone, has got to realize that the government doesn’t care about anyone, and I do mean anyone, except as a vote. They could care less about your wellbeing than you can imagine. We’re all numbers to them. Nothing more. Once we all figure that out, we’ll be collectively better off. It’s time for all of the people to demand that the government does what we want, not what they want, and not what they perceive is in their best interest. Smarten up America. If we don’t come together as one and force this issue, we certainly will all be much worse off in the not too distant future.
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Permalink Reply by Charles F Nichols on -
Now my call to abolish the federal government is not such a bad idea. Send them home and tell them to get real jobs. They can get in the unemployment line.
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Permalink Reply by Ronald Sorrells on -
Charles:
We ALL have State Government...which is sufficient...in that we also County/Parish and City Governments!
Ron
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Permalink Reply by Dave3200 on -
Good little dissertation, Richard. It echoes what many in the TP movement have been saying for several years.
Note that I emphasize "saying". I do so because, as you suggest, if we don't come together and force the issue, things will worsen soon. Unfortunately, the majority of folks haven't time for such nonsense. We need time for golfing with our friends and the kids need to get to soccer practice. This political tripe will need to wait.
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Permalink Reply by janet barks on -
So Richard,
The answer to our problem is to all come together. The question is, how do we do that?
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Permalink Reply by Ronald Sorrells on
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Janet:
Nullification !
Jefferson & Madison (?) used Nullification in Virginia & Kentucky (?) when John Adams was President and Jefferson was his Vice President ! By "Executive Order" adams did something that was "Unconstitutional" and I gues it just took 2 State Governors & Legislatures to "Nullify the Executive Order" (probably a percentage of the states to agree for Nullication) ! State Governors & Legislatures do not tell their citizens much about "Nullification & Referendum" because they are "chicken shiite and don't want to or have us to "Buck the System" !
Semper Fi,
Ron
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Permalink Reply by janet barks on
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There is a discussion that has taken place regarding what can be done about the disregard of the constitution by our government. You mentioned that these people should be arrested.
For anyone interested, Ed Stoneham wrote a plan called COP (Constitutional Oversight Posse).
It was discussed on a previous blog by Marcia on May 3, titled, "John Boehner and Harry Reid The Partnership Against America." The discussion starts at page 4 and continues.
This is also posted on Debrajoe's web-site at: http://citizensfcg.com. I believe it is on the forum selection.
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Permalink Reply by Ronald Sorrells on
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Janet name the place and time and I will be there....How about a "Convention"?
Ron
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Permalink Reply by Carlo A on
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Since we are so much in China's debt, the DC crowd will do anything that China asks. That is the fall out of "excessive borrowing" from our enemies who have a very different outlook on life (Communism).
If we fail to unseat Obama, we are done for. He will continue Executive Orders and render the Congress moot.
Carlo
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