Banks Attempt to Return Tarp Funds to Resist Obama’s Socialist Control
In order to resist Obama’s Socialist control, banks attempt to return the Tarp funds. However, the Obama Administration is rejecting the Tarp funds.
Obama rejects the Tarp funds in order to keep control of the banks. Obama plans to nationalize the banks and take control of them. He plans to cap executive pay and also fire CEOs when he wants. Obama is doing the same thing with non-financial firms.
The Wall Street Journal reported that:
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.
Obama taking control of the banks will not help to solve the economic crisis, in fact, it’ll make it worse. Obama helped cause this economic crisis. He worked closely with ACORN, even training their leaders, while that left-wing group intimidated the banks to make risky loans that were not paid back. Those loans were backed by Democrat bureaucrats in congress. When bills came up proposing to not allow the banks to make the loans that caused the banking crisis, Republicans voted for and Democrats against.
Other than that, the Republicans didn’t do much to stop the leftist pressure on the banks to make the bills. Now we have these Democrat bureaucrats including President Obama seek to impose Socialist control. Obama wants to control the banks. He wants to dictate how much pay executives get and have the power to fire CEOs at his own will. Obama fired the GM CEO. Right now, Obama wants to nationalize the banks. He understands that accepting the Tarp funds is an obstacle to imposing Socialist control. So Obama rejects the Tarp funds that the banks want to return, understanding that the funds help the him control the banks.