Wells Fargo reported record earnings of over $3billon.
JP Morgan reported better than expected earnings of $2.14 billion Goldman Sachs reported $1.81 billion, more than double what Wall Street expected. General Electric reported$2.9 billion, or 26 cents a share – almost 25% higher than expected.
The biggest financial giants in the the US and some of the biggest in the world are reporting record or much better than expected results, so why the heck are we giving them our money?
As these earnings are coming out, Obamunists are telling us that they have plans for yet more funding to help out the banks. Of course, the help comes with pesky strings attached, such as government control a.k.a. Nationalization. Why the Obamunists are forcing banks to take funds that many don’t want or need is only half the story. The other half is that there is no mechanism in place for the banks to return the funds. While smaller banks are allowed to sporadically return some TARP funding, larger banks are not. By now, we’ve all read or at least heard of the famous Wall Street Journal story where the Chairman of a prominent bank regrets having accepted the TARP funds forced upon his company. Upon trying to pay it back the man laments that “the Obama team says no, since unlike the smaller banks that gave their TARP money back, this bank is far more prominent. The bank has also been threatened with ‘adverse consequences’ if its chairman persists.”
“Threatened with ‘adverse consequences”! I am not sure what is more dangerous to our country. That the financial system is held hostage by left-wing fascists in the Obama White House or the “Conservatives are terrorists” report by the Obama Department of Homeland Security! It’s a heck of a choice, but for this post let’s stick to the former.
By keeping control of the banks, the Obamunsits will control which company gets funding, who gets a mortgage, who gets a credit card, who gets operating income and just about any thing else that has to do with, well, modern life.
Is your company funding “green projects” which in turn fund Obama supporters? Fine. Then the bank gets to lend you money. Otherwise, nyet!
Is your company funding minority mortgages at reduced rates by hiking up rates to non minorities? Fine. Then the bank gets to lend you money. Otherwise, nyet!
Is your company donating money to ACORN or Democrats? Fine. Then the bank gets to lend you money. Otherwise, nyet!
With the biggest banks in the country posting record or at least well above expectation earnings, the Obama administration must put TARP on hold right now and must allow banks to repay the funds in order to again become private institutions. What possible legitimate reason can this administration have to continue to confiscate our money to “save” banks that evidently need no saving.