Obama Administration Refusing To Accept TARP Repayments?

4-4-09

obama_angry

Why would this be happening unless the people pulling Obama’s strings ultimate goal was to completely control the money supply in this country? We know some banks were forced to accept these taxpayer funds by the government whether they wanted them or not and were no doubt threatened with severe action if they talked about it in the media but when it comes time to send the money back why would the Obama administration refuse to accept the payments?

Granted some small banks have been allowed to return funds, with interest, but others (the larger institutions) need to ask permission and be granted a waiver in order to do so, something that appears to be highly unlikely at this point. It is clear that the banks returning (not repaying but returning) TARP funds are very concerned about new rules and regulations that will be retroactively clamped on companies who made the mistake (or had no choice) of accepting these TARP funds.

Imagine as a private sector company being forced to accept this bailout money then being compelled to pay interest on the “loan” even though you are simply returning the cash that has just been sitting on a shelf untouched for months. (No I don’t mean physical cash sitting there, it’s all done with 1s and 0s) I’m sure the CEOs and chairmen of those institutions able to rid themselves of these TARP funds are more than happy to have washed their hands, for now, of this diabolical government plan.

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Stuart Varney, a Fox News business analyst, had this to say concerning the banks and the TARP funds in the Wall Street Journal,

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. 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.

Here’s a true story first reported by my Fox News colleague Andrew Napolitano (with the names and some details obscured to prevent retaliation). Under the Bush team a prominent and profitable bank, under threat of a damaging public audit, was forced to accept less than $1 billion of TARP money. The government insisted on buying a new class of preferred stock which gave it a tiny, minority position. The money flowed to the bank. Arguably, back then, the Bush administration was acting for purely economic reasons. It wanted to recapitalize the banks to halt a financial panic.

Fast forward to today, and that same bank is begging to give the money back. The chairman offers to write a check, now, with interest. He’s been sitting on the cash for months and has felt the dead hand of government threatening to run his business and dictate pay scales. He sees the writing on the wall and he wants out. But the Obama team says no, since unlike the smaller banks that gave their TARP money back, this bank is far more prominent. The bank has also been threatened with “adverse” consequences if its chairman persists. That’s politics talking, not economics.

Please read the entire wallstreetjournal.com article here>>>

This well orchestrated plan by the Federal Reserve and the world’s financial elite to bring our economy to its knees after first building it up to the stratosphere, blackmailing the government into forking over the 700 BILLION dollar taxpayer funded TARP scam and then loaning this country back its own money, with mega interest charges attached, in the form of a 787 BILLION dollar stimulus LIE has got to be the coup of the century second only to the election of this ineligible, unqualified, fraud B. Hussein Obama to the highest office in the land.

This entry was posted in Economy, Obama And His Administration, U.S..

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