Suppose you are a banker and decided that you didn't need (or want) TARP money and tried to pay it back to the government. But the government refuses to accept the money. It is not about economics, it is about politics and control.
Stuart Varney has an article in the Wall Street Journal today in which he writes:
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.
If the banks are forced to keep TARP cash -- which was often forced on them in the first place -- the Obama team can work its will on the financial system to unprecedented degree. That's what's happening right now.
Varney, an Englishman, can't believe that people here are allowing this to happen.
To read the full article, go here.
2 comments:
Obama at the G20 jointly produced a document to control "all firms" on the earth. It is not just the banks. They claim power over any firm 'essential' to the economy.
http://tinyurl.com/freedomnotfree
Thanks for that link. Interesting reading!
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