Why did banks take TARP money?

Many healthy banks have reported that they were forced to take TARP money even though they did not need it. Today, Judge Andrew Napolitano, said on FOX News that the chief executive of a $250 billion asset bank told him that his bank was threatened with 5 consecutive years of tax audits by the IRS if the bank did not take the TARP money (bank bailout money) that it did not want to take. The Secretary of the Treasury, who did not pay his own taxes, is apparently very comfortable in using the power of the IRS to make others miserable to further the cause of fascist socialism. If the government would use this fascist tactic, it would undoubtedly be likely to use other tactics equally reprehensible to force banks to take TARP money they did not need and did not want. The banks are heavily regulated, which undoubtedly gives the Federal government a huge degree of power over them.

This may explain why the very free market oriented BB&T Bank, whose Chairman John Allison requires high-level bank executives to read Atlas Shrugged and donates money to colleges which introduce Ayn Rand's works into the curriculum, disappointed many of us by taking TARP money. Earlier reports that bankers were forced into a room in Washington and told that they would not be allowed to leave until they accepted the TARP money were apparently not exaggerations. As we now know, those banks who were force-fed TARP money are now under either the direct control of the Federal government or being threatened with it if their policies do not comply with the Federal government wishes. The latter state is little different from the former. If you must do something because someone is holding a gun to your head, then you clearly have no real control and you are nothing but a slave.

Many bankers do not wish to be slaves. Many banks are offering to pay back the government the money given them with interest. The government is refusing to allow the larger banks to do this, though they have taken some payoffs from the smaller banks given money. Why are they refusing to allow banks to pay off their loans? Why did they force them to take the money in the first place? The answer is clear. This money loan was a pretext to gain control of the banks and the Federal government does not want to relinquish that control. Fascism is both tempting and addictive to the kind of politicians who seek to control our government. Government is then used as the tool to gain control not just of banks and auto companies, but of each and every one of us individuals. Of course, they offer various social program bribes to individuals under the same principle as the TARP loans as a means to gain control of us individually.

Governments in the United States have long been trekking down the road to fascist socialism, but the pace of the forced march has picked up markedly since Obama has been united with the Democrat-controlled Congress. We individual Americans have been like frogs placed in a very deep pot on the stove and the heat has been turned up gradually until recently. This has kept us sluggish and pacified. We are now being put to the boil. When the boiling is done, we are all to be one intermixed, indifferentiable mush. The socialist ideal of equality in total poverty will have been accomplished. Unless we strive most mightily to jump out of this deep pot of water immediately.