Once You’re TARPed There’s No Going Back

by Ryan on April 6, 2009

in Economy,Politics

Stuart Varney wrote an interesting OpEd in the Wall Street Journal Saturday that just caught my attention.  Apparently, four small banks in Louisiana, New York, Indiana and California have decided to pay back the $340 million TARP bill loaned to them by the Feds last Fall.  Awesome, right?  Just as promised by Paulson last Fall!  Maybe this will start a trend and maybe, just maybe, we’ll eventually see all of our money back from TARP!

Yet, crickets from the Obama Nation.  No fanfare, no huzzahs from the barking class, just eerie quiet. 

$340 million is chump change nowadays, but it symbolizes something larger that the Obama Nation obviously fears:  these banks no longer owe the government due obedience by being tied under the weight of the TARP bailout.  However, a larger bank (Varney refused to rat-out) decided that it too wanted to pay back their TARP money with interest.  Yet, the government is threatening to take drastic action to prevent that. 


Varney argues and I completely agree that TARP has morphed into a power-grab on the part of the federal government — you took our cash, danced with the devil, and got burned — you don’t get to have your soul back.  Bush pushed TARP last Fall for economic reasons, Obama has obviously turned TARP political to aid in his underlying agenda, which unfortunately becomes more clear everyday – Obama’s henchmen are here to stay in the private sector.

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April 9, 2009 at 3:33 pm

{ 2 comments… read them below or add one }

MAS1916 April 7, 2009 at 10:27 am

Federal dollars for institutional ‘rescue’ is the crack of modern business. Take this stuff once, and you are owned by people that couldn’t care less about your success.

Northeastern liberals – particularly the exects at AIG that contributed to the Dodd campaign, deserve to have their bonuses taken. Bankers that – instead of changing their behavior to cope with difficult times – chose to accept government bail outs, deserve to have their salaries capped. What a great incentive to stay off of the addition to public funds.

However, when Obama threatens to take over businesses that do not request public funding, we have crossed the line. It seems Obama wants to remove Chapter 11 as a business alternative for struggling companies and replace it with forced government bail outs. This assuredly leads to perpetual need for government support. But.. this is what Obama wants – commercial enslavement.


Ron Russell April 10, 2009 at 9:23 pm

TARP: Twisting arms to Accept Radical Policies. This is the true meaning of Obama’s tarp policy. A rebirth of the worst of the New Deal of FDR and the Fast Deal of LBJ. Boy, are we in deep shi…t!


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