Dick Morris's "Obama's Leap To Socialism"

Former Bill Clinton aide Dick Morris has an interesting article on the implications of President Obama's proposed changes to TARP.

In The Hill.com, Morris wrote:

President Obama showed his hand this week when The New York Times wrote that he is considering converting the stock the government owns in our country’s banks from preferred stock, which it now holds, to common stock.

This seemingly insignificant change is momentous. It means that the federal government will control all of the major banks and financial institutions in the nation. It means socialism.

The Times dutifully dressed up the Obama plan as a way to avoid asking Congress for more money for failing banks. But the implications of the proposal are obvious to anyone who cares to look.

To read Morris's full article, go here.

Obama Wants To Control The Banks

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.