7 OCT 08: BANKS FOR NOTHING?
Aw, c'mon! Wall Street is handed this big $700 billion package to prevent an economic collapse - and then the stock market falls 800 points for a while during Monday's session?! Is this all the thanks Congress gets? Or did stock traders realize they're out of money for lobbying Congress any more?
The President of Columbus Bank and Trust tried to reassure people about its stability Monday night. Steve Melton told WLTZ that CB&T is A-OK. And due to the FDIC and the new O.F.S.... oh wait, I forgot. We don't send out this blog by text messaging yet....
Steve Melton reported CB&T is marking its 120th anniversary this month, with $700 million in capital. That means it's gained almost six million dollars a year -- which makes the payoffs for those Lehman Brothers executives look even more ridiculous.
Steve Melton added CB&T has a "loan loss reserve" of $62 million, and has NO "toxic loans or investments." Hmmm -- if his bank has no toxic loans, does that mean city landfill money is kept somewhere else?
(And beyond that -- does this mean Bill Heard Chevrolet used some other bank? Based on the bankruptcy filing, maybe it was CB&S of Huntsville....)
Steve Melton also declared CB&T has a "stable deposit base." I think that's banking jargon for "no long withdrawal lines at the ATM's."
Steve Melton expressed confidence CB&T will survive the current shakiness in financial markets. He added: "There's not an alternative." There isn't?! Wachovia Bank seems to have found at least two - Citigroup and Wells Fargo.
My bank has morphed over the years from SouthTrust to Wachovia, and soon apparently to something else. I guess I'm leaning toward Wells Fargo - if only because the old westerns with that title might return to Columbus television. I've forgotten who played Mr. Fargo 50 years ago....
The Monday afternoon news offered a web site for checking the viability of your bank. Wachovia earned only two stars out of five, which means it's below its peer group. Tell me about it - my latest checking account statement provided me only 11 cents in interest.
The Bankrate.com rating tool shows CB&T with four stars out of five. But Columbus Community Bank only received two - a score the president seemed to blame on how new the bank is. Why, it's hardly had time to find many people demanding sub-prime mortgages.
But back to the rescue plan: Alabama Congressional candidate Joshua Segall came to Phenix City Monday, and said he would have voted against it. He argued the $700 billion plan will NOT help people in our area. Shame on Mike Rogers, for not sneaking in some tax breaks to help Auburn University.
E-MAIL UPDATE: With four weeks left to play before Election Day, a reader has a question....
I've been reading your blogs for time to time.I was just wondering why to you bash Mark Lajoye so much? Here is a canididate that is not wrapped in the " good old boy" system; he has served his country proudly in the armed forces, been a columbus police officer, a strong family man and has been living in columbus for 22 years and wishes to step up and get the sheriff's department back friendly with columbus.I have friends that work at the jail and a lot of the times they really hate to go in to work.Some are hanging to see who gets elected, and if ralph or john get in the seat they will be looking for work else where.i told them if they do leave to look toward Phenix city and harris county for law enforcement career.And if john elected well that's from worse to bad. Have you even thought about sitting down with Mark Lajoye one on one ,maybe have a cup of coffe at waffle house and ask mark what his goals and plans are if he is elected? if that sounds fair then reply back to me and i will set a meeting up with you and Mark.
i know you don't repost all the comments to your blog site so i;ll check and see if you post this.
Happy NiteMares
Columbus, Georgia
Ronnie
We actually DO post most of the comments we receive. I'm not sure what evidence Ronnie has to the contrary - unless one of his "nightmares" involves tapping into other people's e-mail accounts.
But what about this - are we bashing Sheriff candidate Mark LaJoye that much? We checked the archives, and this is the 18th entry to mention his name. In 12 of the 18 posts, LaJoye's name came up through e-mails to the blog - and at least eight times, HE sent them. If I'm bashing, who keeps opening the door?
In fact, we went six weeks without mentioning Mark LaJoye at all -- from 17 August until 29 September, when we referred to an e-mail he sent us in July. We actually were prepared to stop mentioning the Sheriff's race completely, since LaJoye was finding fault with nearly everything we wrote. But then his messages stopped arriving at the end of July....
In contrast, incumbent Ralph Johnson and Democrat John Darr have not written us at all. Perhaps their campaigns have advised against it - or they're waiting for Josh McKoon to write us in their behalf.
Mark LaJoye suggested a meeting for coffee several weeks ago [22 Jul] - but with four weeks left in the race, I'm already under time pressure. My schedule's quite busy for the next two weeks (details on why upcoming). And if I can't sit down with the other candidates, I'd look a bit like Sarah Palin talking with Sean Hannity instead of Keith Olbermann.
Now a quick check of other Monday headlines....
+ WRBL reported private meetings began with candidates for Muscogee County School Superintendent. In Russell County, they hold public meetings for the finalists where residents can ask questions. In Columbus, we're waiting for a coronation date to be announced.
+ The Georgia Department of Natural Resources announced Shane Wilson of Cataula set a state record by catching a 13-foot-long, 680-pound alligator. I assume Wilson already has an invitation to visit Athens in late October, and inspire the Georgia football team.
+ Instant Message to the people claiming Kroger plans to build a supermarket in Phenix City: The city planning department knows nothing about it. The Chamber of Commerce knows nothing about it. So how do YOU know so much about it? Did someone named Mr. Kroger come up to you and break the news?
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