This news should be sending shock waves around the country but, unfortunately, it is hardly a blip . . .
Why won't the government take the money back? Stuart Varney posted this answer on the Wall Street Journal's website over the weekend:
"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 [that it bailout]-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."
Unfortunately, Varney is absolutely right. Don't believe it? Check out this piece from Bloomberg.com today. Its lead, "Treasury Secretary Timothy Geithner said he's prepared to oust executives and directors at banks that require 'exceptional' assistance from the U.S. government."
Barack Obama has already led a socialist takeover of the U.S. government. Now he's got his sights set on American industry. The banks, manufacturing, healthcare. What's next? Insurance? Energy? Agriculture?
So, what's the big deal about government's involvement in or control of the banks? Varney offers that answer as well:
"If Rick Wagoner [former GM boss] can be fired and compact cars can be mandated, why can't a bank with a vault full of TARP money be told where to lend? And since politics drives this administration, why can't special loans and terms be offered to favored constituents, favored industries, or even favored regions?"
This is bad. And getting worse day by day.