Daily Quote: "The most important single central fact about a free market is that no exchange takes place unless both parties benefit."
Milton Friedman
Submitted by rresendes on Mon, 04/06/2009 - 11:12pm
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Send to friendPrinter-friendly versionListening to how Congress dealt with Bank CEO’s, one would think that the government wants those companies to pay those funds back as quickly as possible. After all, what bank CEO wants to be publicly portrayed as incompetent, a thief, and usurious? Ironically after hurling such expletives to the CEO’s the Congressional panel then demanded to know how long it would take these firms to pay the funds back and make the public whole. Further, what bank wants its best-producing employees to face a 90% tax on any household taxable income above $250,000? Most reasonable CEO’s would want to return that money as quickly as possible.
The irony of the Congressional rant, is that the typical Congressman, probably does not know which firms needed TARP versus which were forced to take the funds by Paulson. Paulson’s idea was that if every institution took TARP funds, the public would not really know which banks needed TARP funds to survive from those that merely accepted the funds as a favor to Paulson. This Paulson reasoned would prevent a “signal” to the public that banks accepting TARP funds were close to being insolvent, and thus possibly avoid triggering a run on those banks and further weaken them beyond repair. However, as Congress began to vilify all bank CEO’s, and dictate how these firms must run their businesses, the healthy firms decided it was idiotic for them to keep the TARP money if they did not need it. Logically, the healthy banks decided to start returning the money, but it seems the Obama administration will not allow these banks to pay back the TARP funds. Is this behavior by the Administration puzzling, or just part of a bigger plan for the government to broaden its reach into the economy? Time will tell.
Stuart Varney of Fox Business Network discusses this issue in greater detail in an editorial published in the Wall Street Journal. He sadly laments:
“After 35 years in America, I never thought I would see this. I still can't quite believe we will sit by as this crisis is used to hand control of our economy over to government. But here we are, on the brink. Clearly, I have been naive.”
If Varney’ argument is true, The Tea Party movement did materialize soon enough.
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