
 |
|
Nov. 23, 2009
JWisdom.com: Actually, it really is all about you with Rabbi Lawrence Hajioff
Nov. 20, 2009
Nov. 19, 2009
Jonathan Tobin: ADL Crosses the Line with Report Bashing Obama Critics
Nov. 18, 2009
JWisdom.com: The (Jewish) Dating Game
with Rabbi Lawrence Hajioff (8 minutes)
Nov. 17, 2009
Steven Emerson: How Does the 4th Amendment Impact Terror Finance Investigations?
JWisdom.com: If Frank Sinatra married Edith Piaf
with Rabbi Y.Y. Rubinstein (2 minutes) Life lessons from what would be regarded as the most inappropriate lyrics ever sung
Nov. 16, 2009
JWisdom.com: Deconstructing faith
with Rabbi Warren Goldstein (9 minutes)
Nov. 13, 2009
JWisdom.com Sarah's subjective reality
with Rabbi Sroy Levitansky ( 6 minutes)
Nov. 12, 2009
JWisdom.com Does God get tired?
with Rabbi Harvey Belovski ( 5 minutes)
Nov. 11, 2009
JWisdom.com Marriages are not made in Heaven
with Rabbi Lawrence Hajioff (VERY fast 15 minutes)
Nov. 10, 2009
Michael Doyle: Author of book exposing CAIR ordered to remove supporting documents from Web
JWisdom.com If the creation so loudly shouts the existence of the Creator, why aren't more people believers? with Rabbi Naftali Brawer (9 minutes)
Nov. 9, 2009
Mark Steyn: Shooter exposes hole
in U.S. terror strategy
JWisdom.com It's never too late to
have a happy childhood with Sarah Chana Radcliffe (5 minutes)
Nov. 6, 2009
JWisdom.com Zero to 1/60th: How
to Empower An Hour with Gavriel Aryeh Sande (7 minutes)
Nov. 5, 2009
JWisdom.com Hidden Hints: Unlocking
Faith & Prayer with Rabbi Jay Yaacov Schwartz (10 minutes)
Nov. 4, 2009
JWisdom.com When God played peacemaker
With Rabbi Sroy Levitansky (5 minutes)
Nov. 3, 2009
JWisdom.com Are you are closet idolater?
With Sara Yoheved Rigler (10 minutes)
Nov. 2, 2009
JWisdom.com Abraham's Strange Change
With Rabbi Yitzchok Fingerer (5 minutes)
|
| |
Jewish World Review
April 22, 2009
/ 27 Nissan 5769
Obama's Stealth Leap to Socialism
By
Dick Morris & Eileen Mc Gann
| 
|
|
|
|
http://www.JewishWorldReview.com |
President Obama showed his hand this week when The New York Times wrote that he is considering converting the stock the government owns in our country's banks from preferred stock, which it now holds, to common stock.
This seemingly insignificant change is momentous. It means that the federal government will control all of the major banks and financial institutions in the nation. It means socialism.
The Times dutifully dressed up the Obama plan as a way to avoid asking Congress for more money for failing banks. But the implications of the proposal are obvious to anyone who cares to look.
When the TARP intervention was first outlined by the Bush administration, it did not call for any transfer of stock, of any sort, to the government. The Democrats demanded, as a price for their support, that the taxpayers "get something back" for the money they were lending to the banks. House Republicans, wise to what was going on, rejected the administration proposal and sought, instead, to provide insurance to banks rather than outright cash. Their plan would, of course, not involve any transfer of stock. But Sen. John McCain undercut his own party's conservatives and went along with the Democratic plan, assuring its passage.
But to avoid the issue of a potential for government control of the banks, everybody agreed that the stock the feds would take back in return for their money would be preferred stock, not common stock. "Preferred" means that these stockholders get the first crack at dividends, but only common stockholders can actually vote on company management or policy. Now, by changing this fundamental element of the TARP plan, Obama will give Washington a voting majority among the common stockholders of these banks and other financial institutions. The almost 500 companies receiving TARP money will be, in effect, run by Washington.
And whoever controls the banks controls the credit and, therefore, the economy. That's called socialism.
Obama is dressing up the idea of the switch to common stock by noting that the conversion would provide the banks with capital they could use without a further taxpayer appropriation. While this is true, it flies in the face of the fact that an increasing number of big banks and brokerage houses are clamoring to give back the TARP money.
Goldman-Sachs, for example, wants to buy back its freedom, as do many banks. Even AIG is selling off assets to dig its way out from under federal control. The reason, of course, is that company executives do not like the restrictions on executive pay and compensation that come with TARP money. It is for this reason that Chrysler Motors refused TARP funds.
With bank profits up and financial institutions trying to give back their money, there is no need for the conversion of the government stock from preferred to common except to advance the political socialist agenda of this administration.
Meanwhile, to keep its leverage over the economy intact, the Obama administration is refusing to let banks and other companies give back the TARP money until they pass a financial "stress test."
Nominally, the government justifies this procedure by saying that it does not want companies to become fully private prematurely and then need more help later on. But don't believe it. They want to keep the TARP money in the banks so they can have a reason and rationale to control them.
The Times story did not influence the dialogue of the day. People were much more concerned with the death of 21 horses at a polo match. Much as we will miss these noble animals, we will miss our economic freedom more.
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
JWR contributor Dick Morris is author, most recently, of "Fleeced: How Barack Obama and Hillary Clinton, Media Mockery of Terrorist Threats, Liberals Who Want to Kill Talk Radio, the Do-Nothing Congress, Companies ... Are Scamming Us ... and What to Do About It". (Click HERE to purchase. Sales help fund JWR.) Comment by clicking here.
Dick Morris Archives
© 2009, Dick Morris
| |

Arnold Ahlert
Mitch Albom
Michael Barone
Dave Barry
Tony Blankley
Andy Borowitz
David Broder
Stratfor Briefing
Mona Charen
Linda Chavez
Ann Coulter
Greg Crosby
Larry Elder
Suzanne Fields
John Fund
Frank J. Gaffney
Lloyd Garver
Jonah Goldberg
Julia Gorin
Jonathan Gurwitz
Paul Greenberg
Lewis Grossberger
Victor Davis Hanson
Betsy Hart
Nat Hentoff
David Horowitz
Laura Ingraham
Cheri Jacobus Jeff Jacoby
Paul Johnson
Jack Kelly
Ed Koch
Ch. Krauthammer
Michael Ledeen
John Leo
David Limbaugh
Kathryn Lopez
Rich Lowry
Michelle Malkin
Jackie Mason
Dick Morris
Bill O'Reilly
Jim Mullen
Clarence Page
Kathleen Parker
Dennis Prager
Wesley Pruden
Tom Purcell
Jonathan Rauch
Celia Rivenbark
Robert Robb
Cokie & Steve Roberts
Pat Sajak
Debra J. Saunders
Culture Shlock
Roger Simon
Michael Smerconish
Thomas Sowell
Mark Steyn
John Stossel
Cal Thomas
Bob Tyrrell
Diana West
Dave Weinbaum
George Will
Walter Williams
Byron York
Mort Zuckerman

Robert Arial
Chuck Asay
Baloo
Chip Bok
Dry Bones
Lisa Benson
John Branch
Gary Brookins
John Cole
J. D. Crowe
John Deering
Brian Duffy
Everything's Relative
Mallard Fillmore
Jake Fuller
Bob Gorrel
Joe Heller
David Hitch
Jerry Holber
Steve Kelley
Jeff Koterba
Dick Locher
Chan Lowe
Ranan R. Lurie
Jimmy Margulies
Rick McKee
Michael Ramirez
Kevin Siers
Jeff Stahler
Ed Stein
Danna Summers
John Trever
Gary Varvel
Kirk Walters

How 2
Lori Borgman
The Savvy Consumer
Elder matters
Fixit
Dr. Peter Gott
GET A JOB! by Marty Nemko
Richard Lederer
Tech Maven
Every Monday Matters
Nutrition Myths
Bookmark These
Bruce Williams
How Stuff Works
|