An axiom of economic downturns; companies that a) produce things people actually need, and b) manage themselves fairly well, often thrive during hard times.
With this in mind, note that TCF Bank, our locally owned bank chain, wants nothing to do with the bailout:
TCF Financial Corp. plans to return more than $361 million it got from the federal government four months ago, saying the “the rules have definitely changed” since it accepted the money from the government.The bank holding company, which has operations in seven states, has asked permission from federal regulators to return the money it received in November under the Troubled Asset Relief Program.
Of course, TCF is every Twin Cities liberal’s ideological kicktoy; the CEO is former MNGOP chair Bill Cooper; Scott Johnson of Powerline is their chief legal counsel (and the left has tried to spin that into “TCF Supports Powerline” for years now); they’re about to vote on the Minnesota’s taxes and banking regulations with their corporate feet.
And now – daring to throw
Chairman President Obama’s money back in his face?