How anyone can now defend Obama’s “private industry takeover” policy as anything but just that is entirely political, dishonest and/or ignorant at this point.
I, for one, am sick to death of Obama and his advisers feigning concern over the economy, banks, and industry while they pick up control of it all piece-by-piece.
Last week they fired GM’s CEO (and, barely reported, replaced the chairman of the board of GM).
Now Obama and his administration are refusing to allow large banks to repay or give back the money loaned to them through TARP. One may ask “WHY?” considering that the money is taxpayer and money and our government should be happy to get it back….they were just loans remember?
I heard about this the other day, but now again…..from the Wall Street Journal:
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…..
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.
As is with most other of Obama’s words vs. actions….Obama pretends to care about the financial crisis, while he uses his Chief of Staff’s plan to do overlook the crisis and use it as an excuse for more control of our economic system, among other things.
In a week that has seen Obama bowing to kings, declaring a US reduction in weapons, appeasing Socialist Europe with an agreement to global regulation, we are not only losing our freedoms from within our own country but our influence for freedom and good in the world….all in 3 months time.
Filed under: Barack HUSSEIN Obama, Economic Stimulus, Economy, Foreign policy, History, Islam/Muslim, Liberalism, Military Matters, Muslim Watch, Nutroots, Politics, Progressives Ain't, Socialism, War on Terror | Tagged: Barack Obama, bowing to kings, freedom, G20, nuclear weapons, redicing nuclear weapons, refusing payback of TARP funds, refusing payment of TARP, Socialist Europe, TARP |