Power Grab

on Monday, April 6, 2009

As if anyone ever needed any more proof that Obama is just using this financial crisis as a means to expand government power, we now have word that Obama is refusing repayment of any TARP money that banks received as part of the stimulus so that he can maintain his power over them. This WSJ editorial sums it up nicely, I think:

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.
My brother works for Wells Fargo, one of the few banks that specifically told the gov't that they didn't want or need any bailout money as they were doing just fine. What was the government's response to WF? They locked up Wells Fargo's executives in a room and told them they weren't leaving until they agreed to take the money. And now Obama is refusing them the chance to give it back so he can maintain his power over them.

Could it be any more clear how Obama is playing this? After all, Tim Geithner has declared himself Chairman of the Board of every single financial company in America and thinks he now has the power to fire any executive or seize any company he wants to. And as the article notes, surely the auto and health care industries are next. Soon, any doctor or car salesman making over $150,000 a year is going to have their income over that amount taxed at 90%. Don't believe me? Well they already did it to AIG, so what's going to stop them from repeating it in every other industry they're forcing themselves into?