I have a gnawing need to apologize. If you know me, I have been exposing Communism and Marxism ideology within our government for years. I have called the Clintons (both Hill and Bill) communists. I will not apologize for that since their actions and policies are right from the textbook of communist party practices.
However, I do need to apologize for just calling President Obama and his administration Marxists. No, I have not pulled a Specter on you, despite being from Pennsylvania, by drifting over to the left. Let me explain.
The financial bailouts are actually purchases of the banks by the government so they have ownership. Immediately after receiving TARP funds, the Obama administration starts off firing CEOs and board members.
These were businesses that happened to get sucked down by the government requiring them to accept risky loans over 30 to 40 years ago in order to be “fair” in everyone’s “right” to own a house. Since that time, our constantly growing big government required an increasingly larger percentage of these risky loans.
Freddy Mac and Fannie May, both being government controlled “private” companies were the worst.
When the housing market price crashed, many people just walked away from homes that were now worth less than what was owed on them. A normal home owner had nothing to fear unless they could not afford the house to begin with. Many of these people that are defaulting on their mortgages are not poor people being forced out of their houses; they are investors that foolishly bought at the high end of the market.
Now faced with lots of bad loans, many lending institutions were on the verge of bankruptcy. The first to collapse were Freddy/Fanny (sounds like my butt) and some other lending institutions. AIG, which insured many of these loans and had to pay out more cash than it had on hand, nearly had to close a segment of their business until some smart bureaucrat came up with the phrase “too big to fail”, and the federal government started hemorrhaging cash.
If left to themselves, they would have filed for bankruptcy and reorganized which would have cost us a drop in the bucket as compared to the trillions of dollars are children’s children are now saddled with. If this were not bad enough, the big government people started acting like alcoholics (actually worse than alcoholics, so don’t accuse me of picking on drunks) and prescribed some “hair of the dog” to fix the problem.
The car companies followed being pulled into the big government whirlpool and needed a bailout. The ones that accepted the funds were really screwed, as the government decided to turn over ownership of one car company to the unions, probably as Obama’s payback for the unions supporting him in his campaign. The other car company was turned over to the government and investors of both companies had their bonds the owned turn into less than one quarter of that they held.
The government led by a President that has less business experience than a Girl Scout selling cookies and keeping track of their money and inventory, blackmailed through threats of violence the top several layers of executives to give up their bonuses already pre-approved by their board of directors and pre-existing contracts. The violence was orchestrated by the administration in the press and many AIG and other executives’ families received death threats and crowds gathered outside their homes after home addresses were printed in the press.
The Obama administration initially agreed to these bonuses.
Now the Obama administration has ordered the maximum pay to be limited. What is worse, they are talking about limiting salaries at banks that did not accept the funds and these institutions. Executive heads will also roll at these institutions.
That looks like fascism to me. Look up the antonym (the opposite meaning for those liberals of you who are wearing rose-colored glasses) of fascism and you will see the word democracy.
I now apologize to you for not initially calling Barack Obama a Marxist and a fascist.
If this continues, the liberal congress will join Obama and enable a Hugo Chavez type of government takeover by allowing Obama to eventually be declared President for Life. Remember that Chavez first nationalized the banks and industry before taking over completely.
The politicians have already started taking the first two steps.