Why is the Obama administration refusing to accept repayment of TARP loans?
Stuart Varney has the answer:
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.
It is not for nothing that rage has been turned on those wicked financiers. The banks are at the core of the administration’s thrust: By managing the money, government can steer the whole economy even more firmly down the left fork in the road.
…
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.
I said during the campaign that Obama was at best a socialist and at worst a Marxist. It looks like it is the scale is rapidly weighing towards the worst.
Oh I’m sure that he will never outright seize control of the banking system or any industry but there will be central planning committees and five year plans and commissars in the work place, disguised as compliance officers of course. It isn’t that far a jump from what Obama pulled with Rick Wagoner to making a subtle threat to the workforce as a whole. “want a good job?”, they will ask, then toe the line and vote Obama.
I’m not sure I can adopt the blank stare of Obama worship. I guess I better get used to beans and rice and a cardboard box as a house.
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April 4th, 2009 at 9:49 pm
[...] Independent Sources created an interesting post today on Why is the Obama administration refusing to accept repayment of TARP loans?Here’s a short outlineStuart Varney has the answer: 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. It is not for nothing that rage has been turned on those wicked financiers. The banks are at the cor [...]
April 4th, 2009 at 10:18 pm
[...] Independent Sources created an interesting post today on Why is the Obama administration refusing to accept repayment of TARP loans?Here’s a short outlineStuart Varney has the answer: 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. It is not for nothing that rage has been turned on those wicked financiers. The banks are at the cor [...]
April 4th, 2009 at 10:20 pm
[...] Independent Sources » Blog Archive » Why is the Obama … [...]
April 5th, 2009 at 5:48 pm
I’m cynical, but not quite that bad.
Regardless, I am a little surprised at the reaction people are having to Rick Waggoner’s ousting. “He who pays the piper calls the tune” is true. If GM (or anyone) is going to accept the government dole, they’re going to have to accept the strings, too.
Tangent to the topic: it’s hard for me to feel too badly for The Remaining Three. I’ve heard for many years various warnings of how the American manufacturers were ceding the passenger car market to foreigners (mainly Japan) and put all their energy into the high-markup truck and SUV niche. It worked great for awhile, but when the market shifts and suddenly people want cars, and fuel efficient cars at that, they’ve got no answer. Well, they had the same amount of time as the Japanese and everone else to develop their passenger cars.
I was around for the embargo and Energy Crisis of the 70s (both of them). The Japanese made small cars like the Corolla which were small but quite nice. A lot of them were quite sporty. They were comfortable, well laid inside, and relatively simple. GM’s answer was the Chevette, which looked like the crate a Corolla was shipped in. It was uncomfortable, poorly designed, poorly built and unpleasant to ride in or look at. I think GM made it that way on purpose so they could say, “people don’t want a small car.” No, they didn’t want *that* small car.
I was very pro-American, but at that time, if I had to buy a new car and I was limited to compacts and subs, I would have bought a Toyota. So would most of my friends. The Chevette, Pinto, Plymouth Horizon–none of those held any appeal whatsoever.
Back on topic: I’m generally pro-GM: I’ve owned four and I grew up with them in my family as well. But I went to a car show recently and I couldn’t find a single GM car under $60K that I even wanted to sit in, let alone drive.
They made their own bed.