Posted by: rotenochsen | January 19, 2009

BANKS GET A “WINDFALL” AND TAX PAYERS GET THE SHAFT!

January 19, 2009

Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” —Ronald Reagan

As president elect Obama rolled into Washington to await his coronation on next Tuesday. Many people are making comparisons and analogies to President Lincoln. I guess since Obama is partly Black, and Lincoln freed the slaves by waging a war that killed over 600,000 brothers, sisters, uncles and cousins in the un-Civil war,there is a comparison if you stretch your imagination far enough.

The Obama transition team and the willing accomplice Media seem to want the public to think that the “Great Emancipator” has once again arrived in Washington DC. But there are too many dis-similar traits between Obama and Lincoln and the the way they both looked at America to believe there is any similarity.

Lincoln waged the assault on the South to keep the Nation together. He believed in the status quo. In fact history shows that slavery was not on his mind until after the war between the States was well under way! He wanted to save the Union!

Obama.in my opinion, wants to destroy the status quo. He and his wife (she even said it publicly) do not believe the Country is something that they can be proud of in it’s present form. They come to Washington to radically change things, and from what I have heard from his own lips. I do not like what he is intending to do!
In fact, I believe , that when he takes the oath of office for the Presidency, he will, I believe, be lying if you can believe his own words(said on his way to Washington) about Our Constitution?
Invoking hope and history, President-elect Barack Obama rolled into the capital city Saturday night pledging to help bring the nation “a new Declaration of Independence” and promising to rise to the stern challenges of the times.
At the War Memorial Plaza in Baltimore, Obama called on Americans to take up anew the principles of the nation’s Founders, capping the inspirational message of the journey to Washington with a call for “a new declaration of independence.” Source:Breitbart.com

“We are here today not simply to pay tribute to our first patriots but to take up the work that they began. And yet while our problems may be new, what is required to overcome them is not. What is required is the same perseverance and idealism that our founders displayed. What is required is a new declaration of independence not just in our nation, but in our own lives..independence from ideology…

We should not forget we are the heirs of those who declared independence…and who somehow believed that they had the power to make the world anew, that’s the spirit we must reclaim …for the American Revolution did not end when the British guns fell silent…it was never something to be ended on a battlefield, or fulfilled in our founding documents…the American Revolution was and remains an ongoing struggle in the minds and hearts of the people…so starting now, let’s take up in our own lives, the work of perfecting our Union. Let’s build a government…let all of us do our part to rebuild this country , let’s make sure this election is not the end of what we do to change America, but just the beginning.”
Later in another city, he made reference to the need for our Constitution to be rewritten as “more perfect”.

Who gets to define that? And why is that definition expected to be better than the definition left us by the Founding Fathers?

I believe that Obama has Socialism on his mind, and most everything he proposes to do are involved with making an already Big government, BIGGER!

One such example is the mess that has resulted in the TARP deal. The whole bail out scheme was sold to the American public as a way to pump more money into Banks so they would loan it to taxpayers who desperately need the loans. But apparently that is not what has happened, nor is it the intention of the recipients of the billions of dollars in taxpayers money to help the “little guy”!

The following is and excerpt from the Los Angeles Times article.

“as mounting losses at major banks like Citigroup and Bank of America in the last week have underscored, regulators are still searching for ways to stabilize the banking system. The Obama administration could be forced early on to come up with a systemic solution, getting bad loans off balance sheets as a way to encourage banks to begin lending, which most economists say is essential to get businesses and consumers spending again.

In U.S., the new frugality has unintended consequences
Individually, banks that received some of the first $350 billion from the Treasury’s Troubled Asset Relief Program, or TARP, have offered few public details about how they plan to spend the money, and they are not required to disclose what they do with it. But in conversations behind closed doors with investment analysts, some bankers have been candid about their intentions.

Most of the banks that received the money are far smaller than behemoths like Citigroup or Bank of America. A review of investor presentations and conference calls by executives of some two dozen banks around the country found that few cited lending as a priority. An overwhelming majority saw the bailout program as a no-strings-attached windfall that could be used to pay down debt, acquire other businesses or invest for the future.

Speaking at the FBR Capital Markets conference in New York in December, Walter Pressey, president of Boston Private Wealth Management, a healthy bank with a mostly affluent clientele, said there were no immediate plans to do much with the $154 million it received from the Treasury.

“With that capital in hand, not only do we feel comfortable that we can ride out the recession,” he said, “but we also feel that we’ll be in a position to take advantage of opportunities that present themselves once this recession is sorted out.” Not a word about doing something to help the people who need money to stay in their homes or keep the small business they own from going under. The “fat cats” get the money and the taxpayer gets the “shaft”!

Where is the CHANGE in that?

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