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Troubled Asset Relief Program, the program first drawn up under the Bush administration to help the ailing banks and auto manufacturers did not call for the purchase of stocks from them, but was intended as loans. After the new administration with congress under the democratic majority took control, they specified that they wanted the taxpayer to receive something in exchange for their money. This was an effort specifically designed to own or control the banks by the government. A giant step towards socialism. The Republicans recognized what it meant and offered a bill to insure loans which would have served the cause well, but when "Maverick" John McCain sided with the Democrats, their bill was passed.
Now, we have deep problems because of this. And I want my readers to analyze this information and you can see exactly what the administration is up to. It was determined by the congress and all involved, that the stocks purchased would be preferred stocks. If we are to own stocks in the banks, that should be the way to go since preferred stocks are first to draw dividends. But the administration has changed that to common stocks, which has only one reason to be chosen over the preferred, they carry with them voting rights on policies and management. Banks do not want to be controlled by the government, and for good reason. Government is notorious for lousing up anything they get their hands into.
Under the present plan, almost 500 large banking institutions will be under the control of government due to them holding a majority of the common stocks. Now, we have many of the banking institutions trying to give back the funds and buy back their independence. Even Goldman-Sachs and AIG are trying to get out from under this catastrophe. Chrysler Motors, in the face of bankruptcy and possible ruin, refused the TARP funds.
Now here is the real kicker. Many people tried to tell the American public of Obama's socialistic ideals and his association with known socialists before the election. Now, with his hand chosen cabinet and other officials, in a 90 day period, he has put us on the precipice of socialism. That is not some "radical rightwing" talk, it is plain facts.
To gain control of the banking industry, is to gain control of the entire economy which is simply ready made socialism. They even have semi-control of General Motors as is obvious by Obama asking their CEO to step down and it being accomplished. These efforts and actions are not part and parcel of the presidential area of management or control. It is only the first steps into totalitarianism. Folks, no one needs to pass these thoughts off as being baseless. This is where we are, and also where we are going. It will all come to light soon and you will see our freedoms controlled from the government. It will not be pretty.
In conjunction with these moves, our freedom to own guns is in line for eradication just as soon as the time is ripe. Our freedom of speech and religion are already impaired and will soon come under the control of the radical left. A socialist government is no longer a government of the people. Freedom is flushed down the toilet.
There are only glimmers of hope. Things are not going completely as planned. Those communist and socialist nations with whom the president wants so badly to become chummy, are finding it difficult to accept his naiveté, his efforts to bow to them and his gifts.
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