Is Jack Sparrow on the Obama Team?
The first evidence of common sense concerning government acquisition of American business has emerged in the Senate. John Thune the United States Senator from South Dakota has crafted a bill that every thinking American needs to support. Senator Thune has proposed a Government Ownership Exit Plan that is a needed additional amendment to the current government takeover of major private sector businesses. Thune points out that “Obama is now the effective CEO of General Motors, Chrysler, Citi Group, AIG, Bank of America and 500 other American banks. The Congress has become a 535 member board of directors of these businesses.”
If there is anyone that thinks this will work for the public benefit they really haven’t thought this through. Nancy Pelosi essentially becomes the de facto Chief Financial Officer of these government controlled companies. This situation is chilling and getting chillier by the day. We have major sectors of American business being run by a CEO who prepared for this massive task by running a neighborhood community organization. He is supported by a Speaker of The House who looks totally unprepared for any reasonable financial responsibility.
I have often written a plea for some leadership signs by the, seemingly absent from the contest, Republican opposition. Finally there is a significant proposal emerging in the Senate that we can rally around. Hope is rising in the West!
John Thune has the look of a leader and a proposed bill that directly addresses the dangerous agenda of this President to move our nation into a socialist model(at best) that has no evidence of success anywhere it has been tried. If you disagree you probably forgot about Eastern Europe and the Soviet Union who were decades long proponents of government controlled enterprise. If those examples are forgotten I don’t expect the Germany and Italy of the 30’s will be remembered.
The shining hope of America has been the opportunity for individual achievement with little government involvement in entrepreneurial activity. The American Dream has been a bit messed up by financial greed, business failures to react to market realities and increased disruptive government involvement over the last 15 or 20 years.
Much readjustment is needed but government ownership of major business is not part of readjusting the American Dream. Senator John Thune recognizes this and is taking action that will be a first step in limiting government involvement for any longer term than is necessary.
Wrong thinking government involvement is rearing it’s head already. The Obama Administration’s Treasury Secretary, Tim Geithner has appointed Kenneth R. Feinberg as Special Master for Compensation concerning executive pay for those companies receiving government aid.
Feinberg is not without compensation experience but nothing that has approached this level of responsibility. The appointment is easy to understand as a populist move to counter the kind of greed evidenced by Pundit of Citi Group who received $38 million while the company was tanking and Kenneth Lewis of Bank of America receiving 9 million while his banks stability was declining. The Government plan is to severely restrict the pay of the executives who will be responsible for taking these companies back to financial success. The government is talking about a $500,000 compensation package maximum for those companies who have accepted government bailout money since February. The response to this proposal has been a wholesale run of banks seeking to bail out of government involvement in their business. The evidence of Government pressure on BOA to buy Merrill Lynch by government officials is mounting .
This was a push against the increased resistance by Lewis to back out of the deal when he started to realize the scope of the Merrill Lynch liabilities. He evidently was pushed into the acquisition by Treasury Secretary Hank Paulson and Ben Benanki, Chairman of the Federal Reserve with veiled threats of dire consequences if he didn’t take the deal. The Merrill lynch deal has put BOA into a financial stress condition.
As the evidence of federal regulators handling of the financial mess with the Fed Chairman’s willing compliance unfolds, there will be increased evidence of the bungled continuing misuse of government funding. Recent actions will show the federal efforts to be a poorly veiled attempt to gain control of major segments of U.S. industry by the Obama team. They picked up the Paulson/Bernanki plan and restructured it to meet their own goals.
The Obama team is possibly being guided by Jack Sparrow who is standing in the shadows waiting for the key moment to run the Pirates Skull and Crossbones up the Capital flagpole to signify total victory.
The Obama ship better hold up for a minute . This fight is not quite over.
Senator John Thune has unsheathed a powerful legislative sword that needs some public sharpening. Check it out and sign up for this important Nation Saving Battle.
Meet Senator John Thune at http://johnthune.com/62b1
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You are once again,SPOT ON. My perception,however, is that nothing seems to be able to stop what this idiot is doing to the country. Unbelievable changes that would never have been considered,much less passed, are now occurring and no one seems to care or be able to do anything to stop the insanity. Dick