Freedom of BLEEP

The Obama Power Grab, Part V

Multiple banks have tried to pay back their bailout money (with interest) but the Obama administration is refusing to accept it. Even banks that have reported profits since the bailout and have successfully restored investor confidence are being forced to sit on piles of borrowed cash. CNN also reports, “It’s likely the Treasury will not permit bankers to return taxpayer money for many more months.”

The reason for this is clear: the government wants to control these banks, just like they control GM and Chrysler. Why? Well for one thing, the Pay for Performance Act was just passed by the house. This legislation allows the government to dictate pay for anyone working for any company that accepted TARP money (in other words, it has nothing to do with performance).

If the government can fire the CEO of GM and mandate what comes off their production lines certainly they will take unprecedented authority over the banks as well. They will be able to regulate who can receive loans, ultimately determining which businesses in the US can stay open. Chairmen have already been threatened with “adverse” consequences if they persist in trying to pay the loans back.

While it’s disturbing that the government could have this much control, it’s even more disturbing who will now be running these banks… A man who couldn’t even figure out how to pay his taxes!

Treasury Secretary Timothy Geithner unveiled his financial sector rescue plan today… Immediately afterward, stocks plummeted across the board - down almost 500 points in all today.

To investors, the incompetence of this man is obvious. They want to know why “critical details of the plan remained unanswered, despite the weeks of planning leading up to Tuesday’s announcement.”

Geithner’s best response is, “We are not going to put out the details, until we get it right.” What does that even mean? Blind trial and error, without even telling the American people what the government is up to?

Geithner also said they will “try things we’ve never tried before. We will make mistakes. We will go through periods in which things get worse…” That sounds exactly like something Wall Street likes to hear.

Again, you can probably guess who we have to thank for this pinhead appointment. What was Obama thinking? This guy is one of the reasons we are in the crisis we now face. He’s a total moron. He even cheated on his taxes, and now he’s in charge of the IRS! He’s employed an illegal immigrant. He’s a crooked thief like all of Obama’s other friends.