The Conservative Cave
Current Events => Breaking News => Topic started by: ironhorsedriver on April 04, 2009, 06:22:51 PM
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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.
Think about it: If Rick Wagoner can be fired and compact cars can be mandated, why can't a bank with a vault full of TARP money be told where to lend? And since politics drives this administration, why can't special loans and terms be offered to favored constituents, favored industries, or even favored regions? Our prosperity has never been based on the political allocation of credit -- until now.
Which brings me to the Pay for Performance Act, just passed by the House. This is an outstanding example of class warfare. I'm an Englishman. We invented class warfare, and I know it when I see it. This legislation allows the administration to dictate pay for anyone working in any company that takes a dime of TARP money. This is a whip with which to thrash the unpopular bankers, a tool to advance the Obama administration's goal of controlling the financial system.
http://online.wsj.com/article/SB123879833094588163.html
Obama maintains control by refusing money from banks.
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He can't control them if they aren't in debt to the government.
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but now the motive is clear to all... no longer can he "recapitalize" them with the "requirement" that they will pay it back.
the only reason a loan shark doesn't let you pay the money back is to keep you under their thumb...
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Never let a serious crisis go to waste....
Did I wake up in Bizzarro world? Reminds me of protection payments to the mob. After all, those banks wouldn't want anything to "happen", would they?
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Did I wake up in Bizzarro world?
Yes...back in November America elected a Socialist/Statist to the office of President.
And the media told us that it was a good thing for the country.
Might wanna hit the snooze button for the next 3 1/2 years
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Try explaining this to the libtards and you get this:
LINK (http://seacoastconnects.com/forums/showthread.php?t=6854)
A bunch of libtards standing around, mouths agape, and the one who DOES try to respond should really have reconsidered.
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<snip>
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.
Think about it: If Rick Wagoner can be fired and compact cars can be mandated, why can't a bank with a vault full of TARP money be told where to lend? And since politics drives this administration, why can't special loans and terms be offered to favored constituents, favored industries, or even favored regions? Our prosperity has never been based on the political allocation of credit -- until now.
Which brings me to the Pay for Performance Act, just passed by the House. This is an outstanding example of class warfare. I'm an Englishman. We invented class warfare, and I know it when I see it. This legislation allows the administration to dictate pay for anyone working in any company that takes a dime of TARP money. This is a whip with which to thrash the unpopular bankers, a tool to advance the Obama administration's goal of controlling the financial system.
http://online.wsj.com/article/SB123879833094588163.html
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Craving complete power just like the Clintons, without the subtlety or smoothness of the Clintons.
We are SO screwed.
I saw an AR-15 for sale yesterday. $1600 new. I'm wondering if that's not such a bad deal after all.
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I saw an AR-15 for sale yesterday. $1600 new. I'm wondering if that's not such a bad deal after all.
Supply scarcity will lead to inflation.
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I have a cold chill running up my spine. This is stomach churning.....
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We're not headed towards socialism - WE'RE ALREADY THERE!
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Craving complete power just like the Clintons, without the subtlety or smoothness of the Clintons.
We are SO screwed.
I saw an AR-15 for sale yesterday. $1600 new. I'm wondering if that's not such a bad deal after all.
I guess I really need to start searching for a good price on that 1911 I've been wanting.
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I guess I really need to start searching for a good price on that 1911 I've been wanting.
Don't wait. I have a S&W Model 1911 .45 I got at Kittery (read: overpriced) two years ago for under $600. I saw the exact same gun at a local outdoor shop here in town last week for $975.
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Don't wait. I have a S&W Model 1911 .45 I got at Kittery (read: overpriced) two years ago for under $600. I saw the exact same gun at a local outdoor shop here in town last week for $975.
If I can I want to go old school and get a Colt.
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Obama Wants to Control the Banks
There's a reason he refuses to accept repayment of TARP money.
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.
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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.
by Stuart Varney - Mr. Varney is a host on the Fox Business Channel
Please read the full article here:
http://online.wsj.com/article/SB123879833094588163.html
Obama is going to take over control of the financial system in this country and will control this country for his political allies...forget about voting him out in 2012...if at all.
Hugo Chavez anyone?
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dupe thread...already posted in breaking news
sorry
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Hugo Chavez anyone?
With the Ohole controlling the financial sector of this country, we can forget about voting him out in 2012...if ever.
here is the link to the bill Varney was referring to, it has passed in the House and due to go to the Senate:
http://www.govtrack.us/congress/bill.xpd?bill=h111-1664