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Thread: Obama Wants to Control the Banks

  1. #1
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    Default Obama Wants to Control the Banks

    http://online.wsj.com/article/SB123879833094588163.html

    There's a reason he refuses to accept repayment of TARP money.

    By STUART VARNEY

    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.

    -more_
    Last edited by Eric Johnson; 04-04-2009 at 06:37 PM. Reason: Added the URL

  2. #2
    Senior Member Franco's Avatar
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    He sure does, I posted this earlier;



    http://foxforum.blogs.foxnews.com/20...politano_fdic/
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    I think they want to nationalize all banks as they are currently breaking the law to do so.
    "Well, when I went off to college, the guys I used to hang with were pumping gas and voting Democrat. Today they're still pumping gas and voting Democrat. Guess the Democrats didn't do much for them." Charles Barkley

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    The article is more right-wing conspiracy junk--Varney works for Fox.

  4. #4
    Senior Member Franco's Avatar
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    Here is a piece of the link I posted...


    I recently met with the Chair and CEO of one of the country’s top 10 bank holding companies. His bank is worth in excess of $250 billion, has no bad debt, no credit default swaps, no liquidity problems, and no subprime loans. He told me that he and others were forced by Treasury and FDIC threats to take TARP funds, even though he did not want or need them.
    There is simply no authority in the U.S. Constitution for Congress to exercise the level of control it now seeks over private industry.
    The FDIC — with Treasury backing — threatened to conduct public audits of his bank unless his board created and issued a class of stock for the Feds to buy. The audit, which he is confident his bank would survive, would cost it millions in employee time, bad press, and consequent lost business.
    He pleaded with the Feds to leave his successful bank alone. He begged his board to let him tell the Feds to take a hike. But they gave in. The Feds are now just a tiny shareholder, but want to begin asserting more and more control. This is a classic extortion: Controlling someone’s free will by threatening to perform a lawful act. (Blackmail is the threat is to perform an unlawful act in order to control someone else’s free will.) There are no exceptions in the statutes prohibiting extortion for government persons.

    ....We have several local banks that didn't accept TARP money. One is a good client of mine and he is telling me the same thing. Because they didn't accept it, they are being threatened with an audit. He told them to, "bring it on"!
    "Well, when I went off to college, the guys I used to hang with were pumping gas and voting Democrat. Today they're still pumping gas and voting Democrat. Guess the Democrats didn't do much for them." Charles Barkley

  5. #5
    Member txbadger's Avatar
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    "The article is more right-wing conspiracy junk--Varney works for Fox."

    Shoot the messenger and ignore the fact that someone who has NEVER ran anything, including his teleprompters, can't speak offhand without err's and ummm's is trying to be in charge. Chicago style politics indeed....

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    Senior Member badbullgator's Avatar
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    Quote Originally Posted by M Remington View Post
    The article is more right-wing conspiracy junk--Varney works for Fox.
    Interesting that Marx has not posted to the dog releated forum in almost a year. Then I found this quote form a locked thread


    I eagerly read the board everyday to see what kind of crap the conservatives are going to make up about Obama. Somebody had to reach pretty far up their as* to pull this one out.




    I thnk that sums him up pretty well. Anything conservative is made up and he is here to point it out. Talk about having your head up your ass....it must be dark in there huh Marx?
    Views and opinions expressed herein by Badbullgator do not necessarily represent the policies or position of RTF. RTF and all of it's subsidiaries can not be held liable for the off centered humor and politically incorrect comments of the author.
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    Senior Member Gerry Clinchy's Avatar
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    LOL! Varney is pretty non-partisan in this article. Bush made the bank take the money & Obama won't let them give it back. I'm sure even $1 billion could do some good somewhere where it is really needed.
    G.Clinchy@gmail.com
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