Bankers Need to "Give Back"

Over the weekend, our teleprompter-in-chief made a big deal about the financial community, and in particular, institutions that were part of the big-government liberal bailouts*, needing to "give back" to America.

His point was that since the government bailed them out to the tune of several billions of dollars, they needed to loosen up credit so that individuals and businesses that are not now able to borrow money, may borrow money and put that money back into the economy.

Sounds good, doesn't it?

This is, of course, a prelude to more government regulation. Obama will complain that the financial community isn't doing what he wants them to do, proving that the Big Bad Evil Corporations need more regulation. That regulation will require them to be more "fair" about lending and will require them to lend money to more minorities and disadvantaged people and businesses that employ or might employ a lot of people, but don't have the financial stability to get a loan right now.

Once those regulations pass, these financial institutions, instead of doing business that is in their best interest, will be required to change their policies and procedures to suit the government's interests. In a few short years, when those borrowers are unable to pay back the loans, these financial institutions will become insolvent and require government funds to . . . .

. . . hey wait a minute. Isn't that how we got here in the first place?

Turbo Tax Tim is at it Again

Financial institutions bailed out with TARP funds beginning last fall (under the previous administration*) have paid back $175 billion. What should we do with all this "available money" that we are now swimming in?

Well, Turbo Tax Tim Geithner has a suggestion. Let's use that money for jobs creation. That's the plan he laid out yesterday with the blessing of the Teleprompter in Chief.

Shall we address the fact that money appropriated by Congress for one purpose cannot be diverted and used for another purpose. Apparently, the administration thinks this money is theirs to use freely as they choose. Someone should explain about the legal consequences of funds misappropriation. Oh wait. Never mind. This is the administration that doesn't pay any taxes and doesn't have any consequences for that, either. So let's put that issue aside.

How about the fact that the money we loaned to all of these financial institutions to bail them out was BORROWED money to begin with. That money isn't "available." It's debt. We owe it.

Maybe we should do something completely novel and different.

Like .... uh ..... oh, I don't know. Maybe PAY IT BACK?

(* just a reminder, in case you had forgotten. Obama hasn't told us in two or three days about the whole mess he inherited from the previous administration.)