TARP was originally jammed down the bank executives throats as a 'take it or else' authoritarian move at the behest of Paulson, Geithner, Lambright, and Bush. This decision was forced on them in the guise of 'saving the financial system from overall meltdown.' What it has now produced should be the meltdown of American's confidence that our government has the slightest clue as to what it is doing to help the problem. It was also propped that this money would be 'lent' to the banking institutions and repaid in the future and any profitability would be returned to the taxpayers. That was October. Read below for what happened just last week. But first some of Obama's recent words to the international community.
"Rules must be binding. Violations must be punished. Words must mean something." President Barack Obama's statement about N. Korea's missile launch. His words should be stretched to apply to bank bailouts (AIG - govt agreed to retention bonuses), and TARP let alone N. Korea/Iran/Syria. Having said that, to the person writing this blog this presidents words are as empty as Geithner, Napilatano and Holder's suits. His actions speak way louder than his words and I hope readers of this blog are beginning to realize the path this country is down. At the fork in the road...Obama says, go left, way left! Obama's exact words to the banking executives who visited his office two Fridays ago, “My administration, is the only thing between you and the pitchforks.” Sounds like great words of encouragement to a banking executive who thinks that its his actual bank officials who will be deciding the fate of its firms future.
April 1, 2009 - 4 banks sent the Obama administration and the Treasury department notice that they would be returning a combined $340 million in TARP funds and that they no longer needed government assistance at those institutions. They likely didn't need it in the first place but being forced to take it 'or else' did they really have any other alternative? Upon first being notified that these banks were returning the funds Obama hailed it as a 'demonstration that the decisions his administration has made to repair and return the financial system to stability' are showing signs of working. In this, the economy is turning the corner he alluded.
April 4, 2009 - After having 3 days to think about it while he was on his around the world 'glorify me' travels with world leaders he decided to REJECT the return of the money. I'm sorry Mr. President, did you just reject the repayment of $340 million in TAXPAYER money? Apparently it is not our money anymore...its his administrations money. By not accepting the money from the banks what this demonstrates is Obama's push to control the banks and lending institutions and his dictating who will receive money they are forced to lend.
Being in the financial world this has been a topic of discussion on a daily basis with my colleagues and clients. Unanimously, we are absolutely dumbfounded that more attention has not been paid to this matter and are beside ourselves as to why he would do this. It is appalling that this nations leader rejects repayment of loans originally made in distress. The WSJ/Fox News are the only major news organizations who carried the fact that they money was returned to Treasury and then rejected by Obama. The NYT wrote an article about the banks' return of the money but not Obama's rejection of it. I wonder why?
This should be alarming to all citizens as our government demands to exert more control of our institutions, our daily lives and who makes decisions for us. Sovereignty is slowly eroding in America. Fight to take your country back and demand less government. On April 15th please join a Tea Party protest like I will be attending at the Santa Monica pier.
read the full article at http://online.wsj.com/article/SB123879833094588163.html#
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