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There's a reason the Obama Administration refuses to accept repayment of
TARP money.
By Stuart Varney - I must be naive. I really thought the administration
would welcome the return of bank bailout money. Some $340 million in TARP
cash flowed back this week from four small banks in Louisiana, New York,
Indiana and California. This isn't much when we routinely talk in trillions,
but clearly that money has not been wasted or otherwise sunk down Wall
Street's black hole. So why no cheering as the cash comes back?
My answer: 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.
And for this intensely political president, mere influence is not enough.
The White House wants to tell 'em what to do. Control. Direct. Command.
It is not for nothing that rage has been turned on those wicked financiers.
The banks are at the core of the administration's thrust: By managing the
money, government can steer the whole economy even more firmly down the left
fork in the road.
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.
Here's a true story first reported by my Fox News colleague Andrew
Napolitano (with the names and some details obscured to prevent
retaliation). Under the Bush team a prominent and profitable bank, under
threat of a damaging public audit, was forced to accept less than $1 billion
of TARP money. The government insisted on buying a new class of preferred
stock which gave it a tiny, minority position. The money flowed to the bank.
Arguably, back then, the Bush administration was acting for purely economic
reasons. It wanted to recapitalize the banks to halt a financial panic.
Fast forward to today, and that same bank is begging to give the money back.
The chairman offers to write a check, now, with interest. He's been sitting
on the cash for months and has felt the dead hand of government threatening
to run his business and dictate pay scales. He sees the writing on the wall
and he wants out. But the Obama team says no, since unlike the smaller banks
that gave their TARP money back, this bank is far more prominent. The bank
has also been threatened with "adverse" consequences if its chairman
persists. That's politics talking, not economics.
Think about it: 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.
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.
After 35 years in America, I never thought I would see this. I still can't
quite believe we will sit by as this crisis is used to hand control of our
economy over to government. But here we are, on the brink. Clearly, I have
been naive.
Mr. Varney is a host on the Fox Business Network.
http://online.wsj.com/article/SB123879833094588163.html
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