BARACK OBAMA HAS NO BUSINESS MESSING WITH BUSINESS - THE SUNDAY COMMENTARY
The Lecturer in Chief made a trip to Wall Street last week to essentially scold business and banking firms for their ,"irresponsible," acts which as he claimed caused the financial collapse which began the current recession back in 2008. He went on to lecture on how government through his proposed financial reform bill, which comes up for a vote this week in the Senate, will, "prevent," this from ever happening again.
Playing on the general angst that many in the country have about the, "evil," Wall Street which Obama has demonized for months in order to force through his financial reform, the Lecturer in Chief once again condemned the, "greed and corruption," which he blames for the collapse and as he puts it, "demands," government regulation and total oversight to prevent the, "evil," rich and investment firms from ever hurting Americans and our economy again.
This all coming from an individual who has NEVER run a business. Never even worked in a business and readily admitted during his campaign for the Presidency that he did not fully understand just how Wall Street worked and was not very savvy about business practices. All of a sudden now that he is President he becomes an expert on business and has the right to step in and decide how business should work.
Never mind that the business of government which he is the Chief Executive, is on the verge of bankruptcy because of his economic policy and spending practices. Never mind that the ONLY government business practice that he has succeeded in is increasing deficits and debt. Never mind that he irresponsibly spends other peoples money as if it were water cascading down a waterfall.
There has been much talk of the disagreement found in the Obama financial reform bill over the slush fund which would be created to essentially provide bailout money in the manner that the FDIC insures bank deposits. But the worst aspect of this ridiculous bill is the tremendous grant given to the Executive Branch to not only step in if a company is failing but to take full control of that company seizing assets and restructuring the company from the top to the bottom with the government in control.
These new Executive powers allow for no consultation with Congress, as if that would make a difference, no oversight of the Executive seizure other than that of the Executive Branch and granting full and complete authority to do whatever the President believes is in the best interest of a company without even an explanation of why the government would step in other than the word of the President.
The Obama administration has already acted in a similar manner when it stepped in and took over General Motors and Chrysler. The difference is that rather than using as the guise for the take over unconstitutional legislation like the financial reform bill, Obama used the courts through bankruptcy law making the government the executor and controller of the bankruptcy.
As GM and Chrysler emerge form bankruptcy because of controlling stock interest the government remains in control of the companies until the stock is repurchased by the GM and Chrysler which everyone knows will NEVER happen. Thus the government remains the primary owner of both companies.
To try and deceive the public that this is not the case and ,"coincidentally," this new campaign of deception is coming as similar powers to take over a company are about to be legislated to the President, GM is advertising that they have paid back all of the government, (tax payer), loans with interest. What is NOT being told is that the money which paid back the loans did not come from profits from a newly successful company but from TARP funds which were given to GM to use for operating expenses.
So GM repaid tax payer loans with a tax payer bailout grant. And don't forget that this campaign of deception does not mention that the government still owns 61% of GM stock making it the controlling interest in the company. With the financial reform bill that Obama has been touting as the savior of our economy, the same tricks used to permanently control GM will become law with unchecked Executive power to do the same to any company that the President alone decides must have government intervention.
One of the risks of business is the possibility of failure, but now that risk becomes a free ticket for the government to step in and take over a company with full control and authority over that company coming from the Executive Branch of the government. A government that fails at every opportunity in any type of business that it attempts and now it will move in and use the same bad business practices in taking over private companies. This is what Obama calls saving our economy from another collapse.
One of the most glaring aspects of the financial reform bill is not what it contains but what it does not contain. Fannie Mae and Freddie Mac are exempt from any of the provisions of the bill. The two government entities whose irresponsible practices in the mortgage industry was the root cause of the collapse in the first place. The bubble which these two entities created in the mortgage and housing markets was bound to collapse and when it did because of the sub prime practices demanded by the government it affected ALL of the economy.
But Fannie and Freddie are exempt and the firms, banks and companies which suffered BECAUSE of Fannie and Freddie are demonized as the evil Wall Street tycoons who rob the poor to make themselves rich who now if the bill passes will face government take over just like GM. While Fannie and Freddie CONTINUE to practice the same irresponsible actions which caused the collapse in 2008.
Just as Obamacare was not conceived as reform of the health care industry but the avenue for government control of the industry, the financial reform bill is designed not to reform but to control business by government. One more step of tyranny and totalitarianism under the regime of Barack Obama.
Ken Taylor
Playing on the general angst that many in the country have about the, "evil," Wall Street which Obama has demonized for months in order to force through his financial reform, the Lecturer in Chief once again condemned the, "greed and corruption," which he blames for the collapse and as he puts it, "demands," government regulation and total oversight to prevent the, "evil," rich and investment firms from ever hurting Americans and our economy again.
This all coming from an individual who has NEVER run a business. Never even worked in a business and readily admitted during his campaign for the Presidency that he did not fully understand just how Wall Street worked and was not very savvy about business practices. All of a sudden now that he is President he becomes an expert on business and has the right to step in and decide how business should work.
Never mind that the business of government which he is the Chief Executive, is on the verge of bankruptcy because of his economic policy and spending practices. Never mind that the ONLY government business practice that he has succeeded in is increasing deficits and debt. Never mind that he irresponsibly spends other peoples money as if it were water cascading down a waterfall.
There has been much talk of the disagreement found in the Obama financial reform bill over the slush fund which would be created to essentially provide bailout money in the manner that the FDIC insures bank deposits. But the worst aspect of this ridiculous bill is the tremendous grant given to the Executive Branch to not only step in if a company is failing but to take full control of that company seizing assets and restructuring the company from the top to the bottom with the government in control.
These new Executive powers allow for no consultation with Congress, as if that would make a difference, no oversight of the Executive seizure other than that of the Executive Branch and granting full and complete authority to do whatever the President believes is in the best interest of a company without even an explanation of why the government would step in other than the word of the President.
The Obama administration has already acted in a similar manner when it stepped in and took over General Motors and Chrysler. The difference is that rather than using as the guise for the take over unconstitutional legislation like the financial reform bill, Obama used the courts through bankruptcy law making the government the executor and controller of the bankruptcy.
As GM and Chrysler emerge form bankruptcy because of controlling stock interest the government remains in control of the companies until the stock is repurchased by the GM and Chrysler which everyone knows will NEVER happen. Thus the government remains the primary owner of both companies.
To try and deceive the public that this is not the case and ,"coincidentally," this new campaign of deception is coming as similar powers to take over a company are about to be legislated to the President, GM is advertising that they have paid back all of the government, (tax payer), loans with interest. What is NOT being told is that the money which paid back the loans did not come from profits from a newly successful company but from TARP funds which were given to GM to use for operating expenses.
So GM repaid tax payer loans with a tax payer bailout grant. And don't forget that this campaign of deception does not mention that the government still owns 61% of GM stock making it the controlling interest in the company. With the financial reform bill that Obama has been touting as the savior of our economy, the same tricks used to permanently control GM will become law with unchecked Executive power to do the same to any company that the President alone decides must have government intervention.
One of the risks of business is the possibility of failure, but now that risk becomes a free ticket for the government to step in and take over a company with full control and authority over that company coming from the Executive Branch of the government. A government that fails at every opportunity in any type of business that it attempts and now it will move in and use the same bad business practices in taking over private companies. This is what Obama calls saving our economy from another collapse.
One of the most glaring aspects of the financial reform bill is not what it contains but what it does not contain. Fannie Mae and Freddie Mac are exempt from any of the provisions of the bill. The two government entities whose irresponsible practices in the mortgage industry was the root cause of the collapse in the first place. The bubble which these two entities created in the mortgage and housing markets was bound to collapse and when it did because of the sub prime practices demanded by the government it affected ALL of the economy.
But Fannie and Freddie are exempt and the firms, banks and companies which suffered BECAUSE of Fannie and Freddie are demonized as the evil Wall Street tycoons who rob the poor to make themselves rich who now if the bill passes will face government take over just like GM. While Fannie and Freddie CONTINUE to practice the same irresponsible actions which caused the collapse in 2008.
Just as Obamacare was not conceived as reform of the health care industry but the avenue for government control of the industry, the financial reform bill is designed not to reform but to control business by government. One more step of tyranny and totalitarianism under the regime of Barack Obama.
Ken Taylor
posted by The Liberal Lie The Conservative Truth | 10:29 AM
0 Comments:
Post a Comment
<< Home