We're Not Going To Let Congress Take The Money And Run
January 16, 2010
President Obama officially kicked off the 2010 mid-term elections in his radio address this morning when he said: "We're not going to let Wall Street take the money and run".
He was referring, of course, to his proposed legislation to impose a ten-year, $90 billion tax on the top fifty financial institutions for the ostensible purpose of recovering Troubled Asset Relief Program (TARP) funds.
With his typical sleight of hand, he ignored the fact that many of the banks already have paid back the TARP in full, with interest, and that the taxpayers have earned a profit on those loans.
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More significantly, he neglected to point out that his financial institutions, Fannie Mae and Freddie Mac, which together received $110.6 billion when the federal government took them over, and which will continue to receive untold billions to stay afloat, will never pay back those funds.
Why do we refer to them as his financial institutions?
Because throughout his political and 'community organizing' career, not only did he protect them from government-imposed sound financial management, but he demanded that they provide risky loans to sub-prime lenders.
As a community organizer he taught ACORN thugs to picket the homes of Wall Street CEOs to shame them into making sub-prime loans.
When Obama was in the United States Senate he and Chris Dodd (D-CT) filibustered President Bush's attempt to stop Fannie Mae and Freddie Mac from continuing to expand the lending practices which led ultimately to the financial collapse of 2008.
Mr. Obama, Mr. Dodd, and Congressman Barney Frank (D-MA) are still pushing banks to extend credit to unworthy borrowers.
Wall Street firms are guilty of serious excess, but if Mr. Obama thinks their transgressions will provide cover for his, and that a compliant media will aid and abet him in that slick maneuver, we have a hot news flash for him:
Mainstream America is learning to use social media such as Twitter and Facebook, which Mr. Obama used to stunning effect in the 2008 presidential race.
When we were in college, approximately one hundred years ago, we had a professor who taught us that weapons systems provide only a temporary advantage to the first adopters. Eventually, other nations acquire and learn to use them.
Mr. Obama is rushing off to Massachusetts tomorrow in a desperate attempt to save the sinking campaign of Martha Coakley to retain for Democrats the U.S. Senate seat once occupied by the late Senator Edward M. Kennedy.
Ms. Coakley's opponent, Republican State Senator Scott Brown, reportedly has raised over $1 million per day in the past week through efforts coordinated on Twitter. Contributions have poured in from around the country.
He has made opposition to Obamacare the centerpiece of his campaign, and the working men and women of Massachusetts, and the rest of America, are flocking to him.
Mr. Brown also has opposed Mr. Obama's economic policies, which include the massive bailouts of General Motors and Chrysler.
Americans understand that the United Auto Workers Union (UAW) choked those companies to death with ever-increasing demands for higher wages and benefits.
When they went broke, Mr. Obama used taxpayer dollars to bail out his union pals.
In his new healthcare bill he proposes to tax the health insurance policies of working Americans who aren't union members.
Union members won't pay the tax; everyone else will.
Americans are beginning to see, with help from non-traditional media, that Mr. Obama's concept of fairness is that if you're one of his politically powerful supporters, benefits and protection flow in your direction.
If you're not, you pay the price for largesse to his pals.
We're not going to let Congress take the money and run.
Mr. Obama's little shtick might work one more time in Massachusetts this weekend when he tries to convince the voters there that he and Martha Coakley are the last, best hope for humanity, and when ACORN and SEIU try to bludgeon the rest of them into line.
In Florida, Arkansas, Nebraska, Indiana, North Dakota, Ohio, and perhaps California, however, voters are getting wise to his slick propaganda, which may indicate that one year from now many of his fellow travelers in Congress will have to find a new gig.
In January of 2013, if Allah is in his heaven, so will Mr. Obama.
God bless America.