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.