Finding Hope in Obama Government’s Latest Power Grab

In a move that should surprise no one, the Obama Administration is floating a scheme that would make the federal government’s power over the nation’s banks stronger and more permanent. The Administration says it can stretch what’s left of the $700 Billion in bail-out money by converting existing loans to common stock. Such a move would give the federal government voting power in the banks, and make it the largest shareholder in some of them. The Dow Jones Industrial Average plunged nearly 300 points in the wake of the announcement.

This is, of course, terrifying. This is the same government that brought us the Post Office, the Social Security system, and the Community Reinvestment Act. Tightening its grip on banks, giving it voting power, would only permeate the financial system further with its unique blend of incompetence and unaccountability.

But there is an encouraging facet to the Administration’s power grab du jour. It’s driven, at least in part, by the fact that the Democrat-controlled Congress can’t muster enough votes to throw more of the taxpayers’ money down the morally hazardous rat-hole of bank bail-outs. Granted, the Administration is responding in the never-waste-a-crisis way that typifies its opportunistic quest for more power. That’s to be expected. Our wanna-be overlords are scared of the mushrooming populist sentiment against their paternalism, but they’re not going to restore economic freedom without a fight. They’re going to keep trying to find ways to expand their power, while pretending to bend to the will of the people.

And we’re not going to let them get away with it. The fight against 21st-century tyranny is not over, but it has begun.

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5 thoughts on “Finding Hope in Obama Government’s Latest Power Grab

  1. We, The People, can fix this in 2010 and 2012. In Virginia we have 1 Congressman, 1 senator and 11 electors up for votes.

    They can be Constitutional Republicans or Establishment Republicans/Democrats.

    The choice is up to us.

  2. Perhap the problem started with creation of the Federal Reserve System during the Wilson administration. The problem most certainly started by the FDR administration. That is when the Federal Government began almost unquestionably nationalizing the lending industry. Fannie Mae was created in the late thirties along with the FDIC. We compounded the problem in the early 70’s by creating more such organizations, Freddie Mac and Sally Mae, for example. Then came the Community Reinvestment Act in the late 70’s and so forth.

    Bush’s mistake was not fighting the problem with much greater force early on. Then, with enough jawboning, he might have been able to do something. So now we lay the problem at his feet, but he hardly deserves that much of the blame.

    Does Obama the blame? Has he ever tried to solve the problem, or has he just made it worse?

  3. LI,

    You hit the nail on the head, as the saying goes here in the Ninth. The problems started in the Bush Administration, but they are being exacerbated by Obama.

  4. Watch out, Leslie, you’re going to be put on some government watchlist, or charged with sedition!

    I agree this is ridiculous, but the voters voted BHO in. they’re getting what they should expect.

    Of course if GWB hadn’t started us down this path first after single handedly destroying the GOP maybe we wouldn’t be in such a spot.

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