Sunday, June 7, 2009
Forced TARP
Many of the banks that received TARP money have been wanting to get out from underneath the governments restrictions on compensation and dividends by repaying the government the bail out money. Hurray! We're getting our bail out money back :-) Oh no... wait, this doesn't fit into Dear Leader's long term goals. The administration isn't allowing this "yet", for their own good, of course. It's so nice how our government is always looking out for the little guy.
Here's a story from the Wall Street Journal that very politely summarizes the benevolent restrictions placed on the TARPed banks ... for their own safety and long term profitability, of course.
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I can't argue this..... I believe the government was using this bailout money to get into these banks and regulate the hell out of them. I wasn't against it. I kinda agreed, you beg for the governments help and take the money, the government has the right take some control. I'm actually glad the banks that don't want to give up the control will pay the money back... I don't think anyone in the government expected this however.... so now they're trying to figure out how else to get some control. The only reason I'm not against any of this, is because it was the government that let all these banks and insurance companies get out of control in the first place. Only now, with the mortgage crap did it occur to anyone how out of control it all is. After the fact of course..... all clean up work now which takes twice as long, twice as much money and generally screws the little guy.
ReplyDeleteOh, but did you hear? 10 banks are being allowed to pay it back!! That's really good news and I'm genuinely glad to hear it.
ReplyDeleteIf Obama is sincere in not wanting to be in the business of banking and car manufacturing, then fine - I was wrong. I would love to be wrong!!