Much as I distrust all politicians, including our president, I find this piece by Stuart Varney particularly hypocritical. He claims, and might even be correct, that the Obama administration is refusing to take the TARP money back from some banks because they want to control them and drive the economy to the left.
Three quick thoughts. First, DUH! The shocking development that a left-wing Democratic president wants to pursue a left-wing agenda is hardly news. Second, BUSH MADE THEM TAKE THE MONEY. Third, who started this problem and came begging for government money? That would be the banks.
Now they don't like the predicament they are in. Cry me a river. They made their beds, and now they can sleep in them. As Goodfellas should have taught everyone by now, if you choose your business partners poorly, bad things happen.
Bankers and investment firms have no one to blame but themselves, and since the rest of us are already paying their tab I hardly think they also need my sympathy.
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Preach it!!
ReplyDeleteSadly, much like the Goodfella's reference, sometimes you don't get to pick your business partners. The government is masterful at "making offers that cannot be refused." Many who avoided taking the cash were subsequently placed as a significant disadvantage in the marketplace. Not all banks are equal; but once the US Government intervened, the entire market was disrupted. Obama should demand repayment -- and let those that cannot fail.
The Government needs the money. And, they need to get out of the banking business.