Liberty MavenObama Lording Over Slaves, Whip In Hand
April 2nd, 2009 12:40 pm | by Marc Gallagher | Published in Activism, Bailouts, Banking, Big Government, Commentary, Economics, Free Market, Individual Responsibility, Liberty, Market Regulation, Maven Commentary, andrew napolitano, congress, government spending, slavery | 4 Responses
There were very few news reports about the Bush administration forcing some private banks that had no desire for bailout money to take bailout money. These were banks that had no need or desire to take government money, but were given an “incentive” to do so using the threat of multi-year audits by our compassionate federal government. While the government may term this tactic as an “incentive” most proper thinking citizens call it for what it really is, extortion.
Judge Andrew Napolitano talked about such a tactic during yesterday’s Freedom Watch show, and then repeated the story on Fox News Channel’s Studio-B with Shephard Smith, embedded below.
So the Bush administration commited extortion paving the way for the Obama administration to hip-hop toward fascism. This is becoming even more evident with the recent Obama “firing” of GM head Rick Wagoner. I’m not a religious person, but I do recall that the Bible teaches us that the borrower is a slave to the lender (Proverbs 22). The Obama administration is now a slave owner of once private businesses. This point is further reinforced by the fact that some of these new government owned business “slaves” became government owned unwillingly.
The Bush administration bought the slaves. The Obama administration is lording over the slaves, whip in hand.
Some of these businesses came to the government on bended knee begging for loans. Perhaps they didn’t realize that in doing so they were also begging into slavery. I think Rick Wagoner may realize that now. I hope others begin to realize this and start fighting back. Companies that choose bankruptcy over slavery should be commended and supported.
Unfortunately, the problem with not supporting the government slave businesses just means that more tax money will be utilized to keep them functioning. That is, unless people start not only waking up, but also acting out by holding lawmakers accountable for supporting this kind of slavery.
The road to economic prosperity is not paved by the blood of government economic tyranny. The road to economic prosperity can only be paved by the sweat of free market liberty.
April 2nd, 2009 at 6:54 pm (#)
There are many issues at hand here. Clearly it is an outrage that government has stepped in to the private sector in this way. Even more amazing, GM is an incredibly successful wealth destruction machine. They take raw materials, apply capital and labor and come out with something that is worth less than the sum of its parts. That's an accomplishment!
April 3rd, 2009 at 7:43 am (#)
What bank is the Judge talking about here? Is it the same one he discussed with Stossel on this past Freedom Watch? BB&T?
April 6th, 2009 at 12:24 am (#)
[...] They were forced to take it by the Bush administration through a State-sponsored extortion plan. Read about that here. [...]
April 6th, 2009 at 4:50 pm (#)
Someone suggested that it might be Wells Fargo. I looked up BB&T and they only had a net income of $1.5 billion last year. The Judge said something about $2.5 billion. Wells Fargo matches that, but I'm sure there may be other banks that do too, so I'm not really sure. I wish he would have got into specifics.