Comrade Obama’s Plan To Take The Banks From The Bourgeois Runs Into A Snag
Our power mad President has now set his sights on taking over the US banking system and John McCain’s sidekick Lindsey Graham seems to be toying with the idea of helping Obama jam a knife into the back of American capitalism,
Long regarded in the US as a folly of Europeans, nationalisation is gaining rapid acceptance among Washington opinion-formers – and not just with Alan Greenspan, former Federal Reserve chairman. Perhaps stranger still, many of those talking about nationalising banks are Republicans.
Lindsey Graham, the Republican senator for South Carolina, says that many of his colleagues, including John McCain, the defeated presidential candidate, agree with his view that nationalisation of some banks should be “on the table”.
..Mr Graham says that people across the US accept his argument that it is untenable to keep throwing good money after bad into institutions such as Citigroup and Bank of America, which now have a lower net value than the amount of public funds they have received.
“You should not get caught up on a word [nationalisation],” he told the Financial Times in an interview. “I would argue that we cannot be ideologically a little bit pregnant. It doesn’t matter what you call it, but we can’t keep on funding these zombie banks [without gaining public control]. That’s what the Japanese did.”
Barack Obama, the president, who has tried to avoid panicking lawmakers and markets by entertaining the idea, has moved more towards what he calls the “Swedish model” – an approach backed strongly by Mr Graham. In the early 1990s Sweden nationalised its banking sector then auctioned banks having cleaned up balance sheets. “In limited circumstances the Swedish model makes sense for the US,” says Mr Graham.
Mr Obama last weekend made clear he was leaning more towards the Swedish model than to the piecemeal approach taken in Japan, which many would argue is the direction US public policy appears to be heading.
“They [the Japanese] sort of papered things over,” Mr Obama said. “They never really bit the bullet?.?.?.?and so you never got credit flowing the way it should have, and the bad assets in their system just corroded the economy for a long period of time.”
Administration officials acknowledge that the rescue plan unveiled by Tim Geithner, Treasury secretary, last week could result in the temporary nationalisation of some weak banks.
Here’s my personal opinion: any legislators who favor nationalizing our banks should be stripped of their jobs, stripped of their American citizenship, forcibly branded with a hammer and sickle, and sent floating on an inner tube towards Cuba — and the American people agree with me. Granted, they might not have such a colorful way of expressing it, but we currently have as close to unanamity on this subject as you are going to find on just about any political issue. From Rasmussen Reports,
All sorts of big government solutions are being proposed to combat the country’s economic troubles, but Americans are clear on one thing: 75% say the federal government should not take over the U.S. banking system.
Only nine percent (9%) think nationalization of America’s banks is a good idea, and 16% are undecided in a new Rasmussen Reports national telephone survey.
Investors are even more emphatic. Seventy-eight percent (78%) oppose government control of the banks, compared to 71% of non-investors.
Let me put it this way: I don’t care what kind of BS Obama and these pathological liars in Congress come up with about “this being the only way,” “what an unprecedented crisis this is,” “how it will only be temporary,” etc., etc., etc. — it’s all scaremongering.
This would be a radical, dangerous, and fundamentally un-American change for our country. Furthermore, DC is full of incompetent, rapacious scumbags whose primary goal in nationalizing the banks would be to dole out loot to their supporters, gain more power for themselves, and to use other people’s money for their own political ends.
Let me add that there isn’t 1 person in 100 on Capitol Hill that is even competent enough to be in senior management for one of these banks, much less run it — and the other 99 out of 100 will be the ones that will be hottest on the idea of getting control of the banking system — forevermore. They can call this “temporary” if they like, but there is nothing more permanent than a “temporary” government program. Whatever it takes to stop this, short of violence or breaking the law, should be supported by conservatives and the Republican Party.