We Gave You Tarp Now We Own You

We had TARP. We had stimulus. We had bailouts. We had all this stuff, and it was all done for individual prosperity. It was not. It was done to destroy individual prosperity. The bailouts of the banks were specifically designed, we can now tell you, specifically designed to enslave the banks or ensnare the banks into a never-ending cycle where they can’t get out of it. Obama Dear Leader will own the banks. He will own the car companies. He will own them all unless all of them repay all of the money. I actually sat here today, ladies and gentlemen, and I heard Obama mouthpiece nut job Valerie Pinko Jarrett say that it doesn’t matter what conditions we loaned TARP money out of. The banks are all collectively responsible now for this. I sat here and listened to this, and I go, this isn’t happening, man. This is not happening.

Now, ladies and gentlemen, If you’re driving, pull over. If you’re standing, sit down. I’m giving you fair warning. You’re going to hear the woman that sits at the left hand of our Father – that’s Obama – the woman who sits at the left hand of our Father, who whispers sweet nothings of communism in his ear like she whispered to Van Jones, you’re going to hear her spill the beans. Spill the beans. Wall Street, the banks, everyone. We’re all in this together. Obama’s going to announce this today. All the bailout money. Why, if one bank does better than another, and another bank can’t pay the money back, well, then Bank B, regardless of what contract or what understanding they had of the bailout funds, must then basically tax their shareholders and give it to Bank A so that Bank A can pay its loan back. We’ll have some analogies of this. But I want you to hear it straight from the commie’s mouth.

[Clip] Valerie Jarrett: It’s not just as simple as Goldman Sachs paying back the money that was lent to Goldman.

Steve Doocy: Right.

Valerie Jarrett: The money that was lent to AIG benefited Goldman. So there’s a collective responsibility on behalf of all of the large financial institutions to pay the money back. The taxpayer should not have to suffer one penny of loss. and that’s what the President is committed to, and that’s what he’ll announce today. [End clip]

Oh it sounds so sweet and saccharine, right? oh, yeah, the taxpayers shouldn’t be on the hook for – no, no, we’re gonna – because she said “collective.” She said that this is a collective thing.

Now, listen.
Get ready, because here it comes.
Listen.

[Clip] Steve Doocy: I’m a little confused, though, by what you said. So if GM got $50 billion, but all the banks and the financial services companies wind up paying the fee and pay off the $50 billion, then would GM have to pay it off, pay it back?

Valerie Jarrett: GM is going to have to pay back whatever they’re able to pay back under the terms of their loan. We’re looking at this from the vantage point of the taxpayers. And what we’re saying is that every single penny of TARP money that was put out and lent out to the taxpayers is going to be paid back by the financial institutions. That’s what the law provides. If you go and look at the actual law that was passed, it says that the financial institutions will be responsible for paying back the TARP money, and they should honor that commitment. [End clip]

Now, folks, I will confess to you at this point in time, I’m as confused as you are...The only thing I got out of this is, A, collective; is, B, that somehow if General Motors can’t pay the money back that it borrowed, but Goldman Sachs made some fortunes this year, well, then, Goldman Sachs has to pay GM’s loan back? I’m sorry, I must have missed this. I must have missed this in all the bailout TARP discussion last year. I do not recall any discussion of America’s financial industry being a collective. I mean, what is this, the Borg? This the Wall Street Borg? You will be assimilated.

you cannot go after the fact and change the rules of contracts. That’s why they’re called contracts. This despite, and some of you will know this, despite the knowledge that many of us have that some of these institutions tried to not take the money. They were forced to take it by Henry Paulsen, Bush’s Treasury Secretary, and then by Tiny Tim Geithner. They were told, “No, no, you’re going to take it.” “I don’t – I don’t wanna.” “You’re going to take it. Shut up.” It’s like cod liver oil when you were a child.

So I’m going to listen to this with you one more time to try to get to the bottom of this. But from where I sit, the way I’m understanding this, and the way I understand what the President is going to say today, all financial institutions. Would this include, then, your community bank? Hmm? Would this be a way to reach out and get the rest of the banks that did not take bailouts, that may still be operating separately and privately? Maybe even, dare I say, profitably? Hmm? Would this be a way for the White House and for Barney Frank and the rest of these sinister people to stick their little tentacles into business that they don’t currently have it in, by claiming, oh no no, no no, no. When one institution accepted a loan, if I’m to understand this correctly, when one institution accepted a bailout loan, all of you collectively accepted responsibility for that loan. Does that sound like a moral hazard to you?

So, now the taxpayers are collectively on the hook for this??? So, now, this was sold as taxpayers benefiting collectively because this was going to save our economy. Right? Do I have that part of it right? I think I do. But now we’re going to go out, and we’re going to make pronouncements that, oh, no, no, well, what we meant to say was that you guys – so am I off the hook now? I mean, folks, you cannot have an economy, a free market economy that functions like this. Let me sum this up. Any financial company that does well is going to subsidize the failure of their competitors. Am I understanding this correctly??

Does the President of the United States have the authority to conscript every financial institution into some kind of involuntary servitude to assume the debts of their competitors simply because they’re in the same industrial class? I wonder if this applies to plumbers. Does this apply to all manufacturers, not just car companies? Well, if GMAC or GM took a bailout, doesn’t that mean that AC Delco got some benefit from it? Aren’t they on the hook, then, for GMAC or GM’s bailout? What about you people that work at the Dunlop Tire Company? You people that work at Firestone? Goodyear? Goodrich? General? Cooper? Michelin? Fatboy Tires? Aren’t you all getting benefit from General Motors and Chrysler being bailed out? Shouldn’t you, if you’re making a profit, then have some of it confiscated from you so that you can ostensibly pay back your big sugar daddy’s debt?
So here it is from today’s Washington Compost: Obama administration seeks tax hike on financial firms to recoup cost of bailout.
What an absolute charade.
This entire adminisration is a damn joke, and so are the people that agree with what they`re doing!