By John W. Lillpop
is it that the federal government, now $13 trillion dollars in debt
with no end to reckless spending in sight, is mandated to seize banks,
and now credit unions, because of insolvency and poor money management practices?
Does any sane person really believe that Barack Obama and his tax-dodging goons at the U.S. Treasury are able to manage assets better than the failing banks?
the federal government continues to rush in to “rescue” ever more
institutions, those who suffer because of the “progressive” notion that
higher taxes and an anti-business environment are keys to prosperity.
As reported at Reference 1, in part:
“Regulators on Friday shut down small banks in Florida and Washington state, bringing to 127 the number of U.S. bank failures this
year on a wave of loan defaults and economic distress.
closures nationwide so far this year, the pace of bank failures exceeds
that of 2009, which was already a brisk year for shutdowns. By this
time last year, regulators had closed 95 banks.
The number of
bank failures is expected to peak this year and be slightly higher than
the 140 that fell in 2009. That was the highest annual tally since 1992,
at the height of the savings and loan crisis. The 2009 failures cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008, the year the financial crisis struck with force; only three succumbed in 2007.”
This crisis is also due, in large part, to Marxist orthodoxy, which holds that home ownership,
regardless of income, employment history, immigration status, credit
worthiness, available assets, and other reasonable standards, should be
eschewed in order to spread the wealth.
After all, they
say, home ownership is a constitutional right!
When and if fiscal sanity returns to Washington, D.C. in the form of a Republican revolution this November, the new congress must immediately commission a SWAT team to kick in the door of Timothy Geithner at the U.S. Treasury and seize all taxpayer assets being held hostage by the failed Bank of Obama!
you are at it, patriots, have the SWAT team do lunch in Kentucky early
in January and, while there, visit Fort Knox to see if there is anything
in the vault other than a few thousand rusty Obama-Biden campaign buttons, and a batch of autographed The Audacity of Hope books buried in cob webs!
National Priority: Shut down the Bank of Obama and declare the federal
government, as currently constituted, unworthy of stewardship over the
assets and wealth of the American people!
John W. Lillpop