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Obama Is Refusing Repayment Of Federal Bailout Money From Banks

Posted by Casey on April 6, 2009

Ask yourself this simple little question … why would the federal government refuse banks repaying the bailout money they were given?  There can be only one answer … to maintain control of that bank.

clipped from online.wsj.com

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.

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The fact of the matter is, some of these banks were forced to accept TARP money. Many didn’t need it, or want it. The Bush and Obama administrations have set this country down a very scary path.

In everyday life, you and I can get out of a debt legally by proving in court that the company we have the debt with refused repayment. What are these banks supposed to do in the same circumstances? Technically, if the government refuses repayment of TARP funds then these banks no longer owe the debt. However, they have no recourse. This is much worse than socialism.

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2 Responses to “Obama Is Refusing Repayment Of Federal Bailout Money From Banks”

  1. I follow your blog for quite a long time and should tell that your articles are always valuable to readers.

  2. RJF said

    I think there’s only one way the public can realistically fight back against the bailout nonsense.

    We have to start boycotting businesses that receive bailouts.

    Boycotting all of them would be a tall order. However, we need to at least start with the worst offenders or businesses who get bailouts because of their political clout.

    AIG and Bank of America are two that immediately come to mind.

    Forest City Enterprises is a third. They’re not a household name right now, but they will be if they get a bailout for their huge boondoggle in Brooklyn called the Atlantic Yards project. With the lobbyists they have, along with their connections to Obama, I wouldn’t bet against it.

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