« BACK  |  PRINT

RS

MEMBER DIARY

TARP (Troubled Asset Reprisal Program)

In Marx’s world, the people were to own the means of production.  In the capitalist US, at least until recently, the people really do own the means of production.  

If you own an IRA or retirement plan, if you own demand deposits, you own stock in US companies, and thus you own the menas of production in the most poweful and successful companies in our economy.

But Obama is making sure that changes for good with his hopenchangey administration of TARP funds.  

When TCF Bank repaid their $361.2 million in TARP funds, along with $3.4 million in accrued dividends, they were forced to lower their dividend to stockholders from $0.25 to $0.05/share.

Lessons:

1. Contracts and agreements mean nothing to the US goivernment – theirs or others’
2. Capital is unwelcome in our new economy – Obama wil take measures to ensure that stockholderrs are hurt.

Of course, when Marx said that the people should own the means of production, he really meant the government.  Obama is not messing around with any such silly deceptions.  

The governemtn is going to own the means of production.

I was so glad when I asked my son if he knew where our rights come from.  He said ‘the government’.  I was able to straighten him out on that.  

But there are many who ‘know’ that rights come from the government.  They are standing ready for the government to simply tell them that it owns them, too.

Get Alerts