Comrade Obama Refuses TARP repayment

Writing an OpEd in the Wall Street Journal, Stuart Varney points out that President Obama is refusing TARP repayment from banks that he wishes to continue to control.  UNBELIEVABLE!

I must be naive. I really thought the administration would welcome the return of bank bailout money. Some $340 million in TARP cash flowed back this week from four small banks in Louisiana, New York, Indiana and California. This isn’t much when we routinely talk in trillions, but clearly that money has not been wasted or otherwise sunk down Wall Street’s black hole. So why no cheering as the cash comes back?

My answer: The government wants to control the banks, just as it now controls GM and Chrysler, and will surely control the health industry in the not-too-distant future. Keeping them TARP-stuffed is the key to control. And for this intensely political president, mere influence is not enough. The White House wants to tell ’em what to do. Control. Direct. Command.

I know that most of the people who look at this site are on the conservative side.  But if there are any followers of our new Dear Leader reading this, perhaps you can enlighten us as you why this is a reasonable action on the part of King Obama.  It seems to make clear the fact that Mr Obama did not go along with the bank bailouts just to “save” the financial sector, planning to get the money back when things recovered.  This was all about his Saul Alinksky playbook: take things over, control them, and secure your collectivist fiefdom

He remains a marxist.  You know, the guy who slipped up while talking to Joe the Plumber.  That is the real Obama.

Here’s a true story first reported by my Fox News colleague Andrew Napolitano (with the names and some details obscured to prevent retaliation). Under the Bush team a prominent and profitable bank, under threat of a damaging public audit, was forced to accept less than $1 billion of TARP money. The government insisted on buying a new class of preferred stock which gave it a tiny, minority position. The money flowed to the bank. Arguably, back then, the Bush administration was acting for purely economic reasons. It wanted to recapitalize the banks to halt a financial panic.

Fast forward to today, and that same bank is begging to give the money back. The chairman offers to write a check, now, with interest. He’s been sitting on the cash for months and has felt the dead hand of government threatening to run his business and dictate pay scales. He sees the writing on the wall and he wants out. But the Obama team says no, since unlike the smaller banks that gave their TARP money back, this bank is far more prominent. The bank has also been threatened with “adverse” consequences if its chairman persists. That’s politics talking, not economics.

Defend that, Obama voters.  You myrmidons elected a dangerous tyrant-wannabe and the rest of us now get to deal with the government that only you “followers” deserve.  You people screwed your country with this vacuous change crap.  Yeah, we have change, comrades.

We live in dangerous times with a President who is very hostile to the liberties that made this country great.

If this pisses you off, join hundreds of thousands of Americans on Tax Day at a Tea Party near you.  We are mad as hell and we are not going to take it any more.  Go here for a list.

7 responses to “Comrade Obama Refuses TARP repayment

  1. Have caught some of your commentary on another site. (Piperni’s Liberal Hogwash) I don’t agree with some of what you say, but I find your commentary well thought out, on spot in many instances and I was impressed with the even handed way you express yourself while shooting down most of the ignorance. Keep up the good work. I’m earmarking this site and hope to contribute in a constructive manner.

  2. BTW….Myrmidons!! That ROCKED and had me grabbing for a dictionary!! 🙂

  3. Thanks for the kind words, bigdaddy. I feel like I have a consistent set of principles when I argue with “both sides”. ;^) I think that if you are really a supporter of individual rights you have to end up supporting rights that you do not necessarily like.

    I am trying not to let this blog simply become an Obama bashing site but he is really pissing me off a lot. I actually thought that he would have the sense to govern from the center in order to keep the House and perhaps get a 2nd term – didn’t he learn from 1993? Now I think he is even more of a radical ideologue than I thought during the campaign.

    Stick around and call me on it when I am wrong! It just sharpens my sword.

    Are you going to a Tea Party next week? You may regret it if you do not. This is a movement.

  4. This is getting even crazier. Amid reports that Wells Fargo posted a 3 billion dollar profit for the first quarter, and has and IS trying to repay OUR tax dollars WITH interest, the Administration (Treasury Department?) is still refusing to accept it!!

    I guess the good thing that can come out of action such as this would be their true intention can be uncovered. Or they could be forced to back down from obvious attempts to control the banking industry.

  5. I really remained stunned at how President Obama is “going for broke” in terms of the surprisingly hard-left agenda.

    I was sure that he would learn from Clinton’s mistakes and midterm losses, but he is either very naive or immensely arrogant… or as Victor Davis Hanson pointed out: a dangerous combination of naivete and hubris.

    That can be a very bad combination.

  6. rash limberger

    From all the Foxnoise and right wingnut radio I was hearing I thought it was an established fact that Obama was refusing to let banks return TARP money. Now I see that in fact many banks HAVE returned TARP money, and the whole “can’t return it” story is based on Stuart Varney hearsay. You conservatives have a stunning way of making innuedo sound like the truth when everyone jumps on the talking points. God save us.


    “Translation: We’ll only let Goldman pay back TARP if we don’t think this will make Bank of America look like a basket case.

    The administration’s concern here is presumably that allowing some banks to pay back TARP will trigger a run on the banks that can’t. The administration has also said, however, that it will bail out any bank that needs money (also a bad policy decision), so this shouldn’t be a serious concern.”

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