Banks and Politics

http://online.wsj.com/article/SB123879833094588163.html

I don't normally get that involved with what's going on with our government, but it seems that President Obama has a way of getting me to read about our current situation. I guess that's one good thing that Obama has done. He probably has increased interest in current US politics in all demographics, for good or for bad.

Just in case you couldn't tell, I'm not an Obama supporter.

Also, just in case you were wondering, I read these news articles when I have a break at work to keep myself in the loop in terms of what's going on with our country and the world. I used to go to CNN.com, but after talking with my brother and realizing how narrow CNN can be, I started going to DrudgeReport.com. I like the Drudge Report, but it's very Republican and conservative. So, I'm open to any other suggestions.

If you read the editorial by Stuart Varney, he talks about how the Obama administration won't take back some of the TARP cash, or bailout money, that the government had given to these banks. Just like Mr. Varney, you would think that the government would like to get some of that cash back, regardless of how much or where it comes from.

If the banks are forced to keep TARP cash -- which was often forced on them in the first place -- the Obama team can work its will on the financial system to unprecedented degree. That's what's happening right now.

I don't know about you, but I don't like the way this is heading.

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.

I don't like that either, especially considering my job is included in there. Honestly, I don't know how it will affect my job, but so far, the hospital does a pretty good job on their own determining their finances, reimbursement, etc. Do I really want the government to control that?

If Rick Wagoner 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? Our prosperity has never been based on the political allocation of credit -- until now.

This just kind of scares me. This too:
http://www.nytimes.com/2009/03/30/business/30auto.html?_r=1

Which brings me to the Pay for Performance Act, just passed by the House. This is an outstanding example of class warfare. I'm an Englishman. We invented class warfare, and I know it when I see it. This legislation allows the administration to dictate pay for anyone working in any company that takes a dime of TARP money. This is a whip with which to thrash the unpopular bankers, a tool to advance the Obama administration's goal of controlling the financial system.

And this also.

Some crazy stuff.