Thread: Tarp Wtf?

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    Default Tarp Wtf?

    I don't even know what to say. (I know. It is the evil Fox News Network, joined by that sinister rag, the Wall Street Journal. This man's opinion has no validity whatsoever ).

    Obama Wants to Control the Banks
    There's a reason he 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 Channel.
    PROUD, HONORED AND HUMBLED RECIPIENT OF THE PURPLE HYDRANT AWARD - 10/2007.

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    The Chinese have infiltrated our government and are calling the shots. I complained about this when I first heard of the governments plan to control wages.

    And here is another interesting ditty. Seems Freddie Mac and Fannie Mae, two Government Sponsored Entities (GSE), are going to be giving out $210 million in bonuses. Where is the outrage? How come a GSE can do it but a private organization (AIG) canít.

    We are heading into extremely dangerous territory. This communism/socialism must be stopped.

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    Quote Originally Posted by GeorgeWendtCFI View Post
    I don't even know what to say. (I know. It is the evil Fox News Network, joined by that sinister rag, the Wall Street Journal. This man's opinion has no validity whatsoever ).
    Both outlets are owned by Rupert Murdoch. So you're correct in that assessment.
    Politics is like driving. To go forward select "D", to go backward select "R."

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    Quote Originally Posted by scfire86 View Post
    Both outlets are owned by Rupert Murdoch. So you're correct in that assessment.
    While NBC and MSNBC,both subsidiaries of General Electric are accurate,while showing both sides of the story all the time.Right?
    NBC is the outfit that rigged a Chevy truck with fireworks detonators to show how a Chevy could catch fire in a rollover when numerous tries without the detonators didn't "confirm the myth" as Jamie and Adam would say.No wonder I don't trust them.
    GE is taking some heat,at least from FOX about how they continued to deal with Iran even when that country was sending weapons to the insurgents in Iraq to kill US and other Coalition soldiers.
    Thank God my Dad unloaded his GE stock years ago to pay for the new siding on their house.That was a good trade.

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    Quote Originally Posted by doughesson View Post
    While NBC and MSNBC,both subsidiaries of General Electric are accurate,while showing both sides of the story all the time.Right?
    NBC is the outfit that rigged a Chevy truck with fireworks detonators to show how a Chevy could catch fire in a rollover when numerous tries without the detonators didn't "confirm the myth" as Jamie and Adam would say.No wonder I don't trust them.
    GE is taking some heat,at least from FOX about how they continued to deal with Iran even when that country was sending weapons to the insurgents in Iraq to kill US and other Coalition soldiers.
    Thank God my Dad unloaded his GE stock years ago to pay for the new siding on their house.That was a good trade.
    And I bet when you look into who runs GE you'll find one of the Bilderbergs.
    Politics is like driving. To go forward select "D", to go backward select "R."

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    Quote Originally Posted by scfire86 View Post
    Both outlets are owned by Rupert Murdoch. So you're correct in that assessment.
    Oh.

    I understand the above piece is an opinion piece, but please tell me which parts of it are lies.
    PROUD, HONORED AND HUMBLED RECIPIENT OF THE PURPLE HYDRANT AWARD - 10/2007.

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    At the Alfred K. Whitehead conference, we were given a presentation by Jared Bernstein, chief economic adviser to Joe Biden. He stated very specifically that taking government control of banks and other institutions was one of the tools "they" would use if "they" saw fit.
    Last edited by txgp17; 04-07-2009 at 11:02 AM.
    The American people will never knowingly adopt Socialism. But under the name of 'liberalism' they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened. --Norman Mattoon Thomas, 6 time presidential candidate for the Socialist Party of America

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    Quote Originally Posted by GeorgeWendtCFI View Post
    Oh.

    I understand the above piece is an opinion piece, but please tell me which parts of it are lies.
    I don't if any of it are lies. But the operative word in your statement is "opinion."

    Varney (and by extension Fox News and now the WSJ) are conservatively biased. Given that FNC has folks claiming that Obama is leading us down a path to facism or has created FEMA Education camps or any other number of conspiracy theories (right up moonbat's alley) they are losing credibility as being a respectable news outlet.
    Politics is like driving. To go forward select "D", to go backward select "R."

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    The fact remains that Gethiner and Obama want to take over private business and control wages. The last couple of folks to do this had the names of Mussolini and Hitler.

    As Americans we cannot allow this administration to kill the American Dream. Although given their current path the end could be near.

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    Quote Originally Posted by scfire86 View Post
    I don't if any of it are lies. But the operative word in your statement is "opinion."

    Varney (and by extension Fox News and now the WSJ) are conservatively biased. Given that FNC has folks claiming that Obama is leading us down a path to facism or has created FEMA Education camps or any other number of conspiracy theories (right up moonbat's alley) they are losing credibility as being a respectable news outlet.
    Way to go not answering the question and deflecting the issue as you always do. This is not about Fox News. It is about Mr. Varney's piece.

    Which points in Mr. Varney's piece are biased and not based on fact?
    PROUD, HONORED AND HUMBLED RECIPIENT OF THE PURPLE HYDRANT AWARD - 10/2007.

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    Quote Originally Posted by GeorgeWendtCFI View Post
    Way to go not answering the question and deflecting the issue as you always do. This is not about Fox News. It is about Mr. Varney's piece.

    Which points in Mr. Varney's piece are biased and not based on fact?
    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.
    What proof does Mr. Varney offer the government "wants" to control any of these entities? Is this a planned effort? What is his proof this is the ultimate goal of the administration.

    I don't believe for a minute there is anyone at any level of government who woke up one day and decided to set the wheels in motion to do a takeover of these institutions.

    Geez George. I expect this type of conspiracy nonsense from moonbat and idiotboy. I know you're better than this.
    Politics is like driving. To go forward select "D", to go backward select "R."

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    I knew you were going to do that. You have nothing, so you turn the post around. At least you're consistent.

    First of all, I do not believe this is a "conspiracy". I believe it is a liberal administration laying the foundation fo policy.

    The "proof" is the fact that the bank is trying to return TARP money and the government won't let them. The "proof" is also the Pay for Performance Act, which speaks for itself.

    Proof not cited in the article would be Mr. Geitner's words over the weekend.

    Now, back to the real question. Which points in Mr. Varney's piece are biased and not based on fact?
    PROUD, HONORED AND HUMBLED RECIPIENT OF THE PURPLE HYDRANT AWARD - 10/2007.

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    Quote Originally Posted by GeorgeWendtCFI View Post
    I knew you were going to do that. You have nothing, so you turn the post around. At least you're consistent.
    Huh?

    Quote Originally Posted by GeorgeWendtCFI View Post
    First of all, I do not believe this is a "conspiracy". I believe it is a liberal administration laying the foundation fo policy.
    And....

    Quote Originally Posted by GeorgeWendtCFI View Post
    The "proof" is the fact that the bank is trying to return TARP money and the government won't let them. The "proof" is also the Pay for Performance Act, which speaks for itself.
    I'd be interested to hear a perspective from someone other than Mr. Varney on this matter.

    Quote Originally Posted by GeorgeWendtCFI View Post
    Proof not cited in the article would be Mr. Geitner's words over the weekend.

    Now, back to the real question. Which points in Mr. Varney's piece are biased and not based on fact?
    I just pointed them out. The Feds have a history of takeover of financial institutions until they are on solid ground. When the Continental Illinois Bank went belly up in the early 80's the Feds took over until buyers could be found for the pieces that were broken off. Same with the S & L meltdown in the late 80's. If I'm not mistaken the REIT was founded then to bring those institutions back into line.

    Varney may very well be citing facts. It doesn't necessarily support his conclusions.

    Fox News has disintegrated into hateful vitriol even though they claimed just a couple of months ago criticism of a president with troops in harm's way was unpatriotic. What could have happened to make them unamerican in the last six months?
    Last edited by scfire86; 04-07-2009 at 01:49 PM.
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    Quote Originally Posted by scfire86 View Post
    Huh?


    And....


    I'd be interested to hear a perspective from someone other than Mr. Varney on this matter.


    I just pointed them out. The Feds have a history of takeover of financial institutions until they are on solid ground. When the Continental Illinois Bank went belly up in the early 80's the Feds took over until buyers could be found for the pieces that were broken off. Same with the S & L meltdown in the late 80's. If I'm not mistaken the REIT was founded then to bring those institutions back into line.

    Varney may very well be citing facts. It doesn't necessarily support his conclusions.

    Fox News has disintegrated into hateful vitriol even though they claimed just a couple of months ago criticism of a president with troops in harm's way was unpatriotic. What could have happened to make them unamerican in the last six months?
    That's what I thought. He's probably correct.

    BTW, only a liberal believes that disagreeing with liberal ideology = hate.

    Does disagreeing with conservative ideology = hate?
    PROUD, HONORED AND HUMBLED RECIPIENT OF THE PURPLE HYDRANT AWARD - 10/2007.

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    Quote Originally Posted by GeorgeWendtCFI View Post
    That's what I thought. He's probably correct.
    I disagree. I believe his conclusions are based upon speculation. In my opinion he implies this is some kind of master plan to take over those corporate entities in perpetuity. Which is ridiculous unless one believes Reagan (as he did with Continental Illinois and the S & L meltdown) was of the same mindset.

    Quote Originally Posted by GeorgeWendtCFI View Post
    BTW, only a liberal believes that disagreeing with liberal ideology = hate.
    Can you show me an example of a "liberal" network news show that read parts of Bush's policies and showed images of Nazis goosestepping in the background. I can do that with Fox News and some of their recent commentaries about Obama.

    Quote Originally Posted by GeorgeWendtCFI View Post
    Does disagreeing with conservative ideology = hate?
    See above post. Can you show me anything that compares to that imagery of Bush when he was President? Can you show me a "liberal" network news show where the commentator broke down in tears and claimed the existence of FEMA education camps or that America was headed down a one way path to facism?

    Would love to see it.
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    Ummm. Policy IS a master plan.
    PROUD, HONORED AND HUMBLED RECIPIENT OF THE PURPLE HYDRANT AWARD - 10/2007.

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    Quote Originally Posted by GeorgeWendtCFI View Post
    Ummm. Policy IS a master plan.
    Be very afraid. BAWAAHAHAHAHAHA.
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    Quote Originally Posted by scfire86 View Post
    Can you show me an example of a "liberal" network news show that read parts of Bush's policies and showed images of Nazis goosestepping in the background. I can do that with Fox News and some of their recent commentaries about Obama.
    .
    The difference is Bush was not pursuing a socialist agenda and acting like Hitler and Mussolini. The shoe fits, so he should wear it.

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    Quote Originally Posted by ScareCrow57 View Post
    The difference is Bush was not pursuing a socialist agenda and acting like Hitler and Mussolini. The shoe fits, so he should wear it.
    So wiretapping without warrants or imprisonment and torture of individual in offshore installations is okay?

    But let's talk about Bush. A trillion dollar prescription drug benefit, a federally mandated education initiative, and the socialism you claim being pursued was started before Obama was ELECTED wasn't socialism?

    And more importantly. Where was the right wingnuttery on Fox News showing goosestepping Nazis in the background while talking about these obvious socialist programs? To the contrary, they were defending that President's actions as being good and good for America.

    You never cease to amaze me idiotboy. The imagery being shown is of tyrannies that demanded idol worship and stifled opposition through thuggery. Do you see that happening in this case? Is there a government initiative to actively stifle dissent?

    Conservatives are confusing losing with tyranny. When the democratically leader is not from your party and your ideology has been kicked to the curb because of its failings it's supposed to suck. Watching the America hating vitriol coming out of conservatives and conservative pundits is really pretty funny considering their rhetoric about those who were critical of Bush the last eight years.
    Last edited by scfire86; 04-08-2009 at 04:49 PM.
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    You don't take control of a corporation run by its own hierarchy without wanting to say how it should be run.
    Getting the finances under control may be Obama's reason for firing Rick Waggoner before handing out any more money but what guarantees have been given that the companies will revert to private control once they've stabilized?
    Is it in that bill that was passed with no one having been allowed to read it before voting on it?

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    Quote Originally Posted by doughesson View Post
    You don't take control of a corporation run by its own hierarchy without wanting to say how it should be run.
    Getting the finances under control may be Obama's reason for firing Rick Waggoner before handing out any more money but what guarantees have been given that the companies will revert to private control once they've stabilized?
    Is it in that bill that was passed with no one having been allowed to read it before voting on it?
    One doesn't. One has the power of the ballot box to get rid of individuals of that mindset.

    You know. Democracy, elections. All that stuff. It was covered in your HS civics class.
    Politics is like driving. To go forward select "D", to go backward select "R."

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    Quote Originally Posted by doughesson View Post
    You don't take control of a corporation run by its own hierarchy without wanting to say how it should be run.
    Getting the finances under control may be Obama's reason for firing Rick Waggoner before handing out any more money but what guarantees have been given that the companies will revert to private control once they've stabilized?
    Is it in that bill that was passed with no one having been allowed to read it before voting on it?
    Getting the finances under control is not your goal when the Treasury Sec'y is on TV saying that they have the intent to remove more CEO's and BOD's.
    PROUD, HONORED AND HUMBLED RECIPIENT OF THE PURPLE HYDRANT AWARD - 10/2007.

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    Quote Originally Posted by scfire86 View Post
    So wiretapping without warrants or imprisonment and torture of individual in offshore installations is okay?
    In certain cases those taps have always been legal. And yes Imprisonment and torture of enemy combatants is a necessary part of dealing with the wackos who wish to destroy this country.

    But let's talk about Bush. A trillion dollar prescription drug benefit, a federally mandated education initiative, and the socialism you claim being pursued was started before Obama was ELECTED wasn't socialism?

    And more importantly. Where was the right wingnuttery on Fox News showing goosestepping Nazis in the background while talking about these obvious socialist programs? To the contrary, they were defending that President's actions as being good and good for America.

    You never cease to amaze me idiotboy. The imagery being shown is of tyrannies that demanded idol worship and stifled opposition through thuggery. Do you see that happening in this case? Is there a government initiative to actively stifle dissent?

    Conservatives are confusing losing with tyranny. When the democratically leader is not from your party and your ideology has been kicked to the curb because of its failings it's supposed to suck. Watching the America hating vitriol coming out of conservatives and conservative pundits is really pretty funny considering their rhetoric about those who were critical of Bush the last eight years.
    Difference my friend is that Bush was wrong in implementing those social programs, and funny part is , the wacky left criticized them. Obama with his lack of leadership is trying to control rather than facilitate. Happens to every sub-standard manager.

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    Quote Originally Posted by doughesson View Post
    You don't take control of a corporation run by its own hierarchy without wanting to say how it should be run.
    Getting the finances under control may be Obama's reason for firing Rick Waggoner before handing out any more money but what guarantees have been given that the companies will revert to private control once they've stabilized?
    Is it in that bill that was passed with no one having been allowed to read it before voting on it?
    So why didn't he fire Madame Pelosi who is running the country into the ground with her massive spending?

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    Quote Originally Posted by ScareCrow57 View Post
    In certain cases those taps have always been legal. And yes Imprisonment and torture of enemy combatants is a necessary part of dealing with the wackos who wish to destroy this country.
    That may be true. However it is still a violation of the rights guaranteed by the Constitution.

    Quote Originally Posted by ScareCrow57 View Post
    Difference my friend is that Bush was wrong in implementing those social programs, and funny part is , the wacky left criticized them. Obama with his lack of leadership is trying to control rather than facilitate. Happens to every sub-standard manager.
    The difference is the right nutcases not only criticized Bush's critics, they praised Bush for doing the things they claim of Obama.

    I should have realized that point would be lost on you. I have low expectations for you and you exceed them every time.
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