Can We Impeach Obama Yet?

(Update: 6/16/09: Fed Strongarmed Bank of America over Merrill Lynch)

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I am happy to hear that US Bancorp’s CEO Richard Davis is still above ground and breathing.  It is a sad day in Amerikka when I have to write words like that because I believe that people being taken out by “the system” actually happens here, AND people keep asking me about helicopters over my house.

On February 18, I wrote “Tarp 1 Was to Ease The Credit Crunch, Not So Much…” about US Bancorp’s CEO, who had come out of the shadows and explained that no matter if a bank needed the TARP funds or not, they were going to take them.  Here is an excerpt:

But Davis was critical of the U.S. Treasury’s Troubled Asset Relief Program introduced last fall, saying that while the program was well intended, it has turned out to be “lousy.”

Created to encourage lending to small businesses and consumers, TARP started by shoveling tens of billions of dollars at the country’s biggest banks but soon was expanded to include banks of all sizes. Minneapolis-based U.S. Bancorp got $6.6 billion.

“I will say this very bluntly: We were told to take it. Not asked, told. ‘You will take it,’ ” Davis said. “It doesn’t matter if you were there on the first night and you were told to sign on the dotted line before you walked out of the office, or whether in the days that followed, you were told to take it.”

But by Tuesday afternoon, a U.S. Bancorp spokesman said Davis had misspoke, and meant that because the largest banks in the country took TARP money, U.S. Bancorp and others were forced to do so as well, for competitive reasons.

Last week Judge Napolitano spoke about the “exhortion” factor involved with the banks and the TARP Money.

Our Government Engaged In EXTORTION With Our Banks!

By Judge Andrew Napolitano
FOX News Senior Judicial Analyst

The Federal government committed extortion and they’re not being held accountable. What’s next? Listen to this: I recently met with the Chair and CEO of one of the country’s top 10 bank holding companies. His bank is worth in excess of $250 billion, has no bad debt, no credit default swaps, no liquidity problems, and no subprime loans. He told me that he and others were forced by Treasury and FDIC threats to take TARP funds, even though he did not want or need them.

“There is simply no authority in the U.S. Constitution for Congress to exercise the level of control it now seeks over private industry.”

The FDIC — with Treasury backing — threatened to conduct public audits of his bank unless his board created and issued a class of stock for the Feds to buy. The audit, which he is confident his bank would survive, would cost it millions in employee time, bad press, and consequent lost business.

He pleaded with the Feds to leave his successful bank alone. He begged his board to let him tell the Feds to take a hike. But they gave in. The Feds are now just a tiny shareholder, but want to begin asserting more and more control. This is a classic extortion: Controlling someone’s free will by threatening to perform a lawful act. (Blackmail is the threat is to perform an unlawful act in order to control someone else’s free will.) There are no exceptions in the statutes prohibiting extortion for government persons

This happened in September 2008, but the demands for more control are more recent. It sounds to me like Paulson, Geithner, Bernanke, and Sheila Blair have all read a biography of Benito Mussolini. I guess they skipped the last chapter.

There is simply no authority in the U.S. Constitution for Congress to exercise the level of control it now seeks over private industry. In fact, this level of control will wind up costing the businesses that took TARP (voluntarily or involuntarily) money since they will lose key employees who will go to work elsewhere and because the reporting requirements will take time and time is money. The Constitution basically says that if the government wants to take time or freedom or money from someone or something, it must sue for it. It cannot just give itself the authority to do so via legislation.

Everbody has read the Stuart Varney piece in the Wall Street Journal, but here is the actual event that editorial was based on:

From Politico:

Inside Obama’s bank CEOs meeting

From the White House, there were five principal attendees: chief of staff Rahm Emanuel, who arrived a few minutes late, Treasury Secretary Timothy Geithner, Council of Economic Advisers chairwoman Christina Romer, senior adviser Valerie Jarrett and director of the National Economic Council Larry Summers. Uncharacteristically, Summers said almost nothing, and it appeared to one participant as if he had been told to remain silent.

To break the ice, JPMorgan Chase CEO Jamie Dimon offered Geithner a fake check for $25 billion, the amount of Troubled Asset Relief Program money that the company has accepted. Although many of those in the room laughed, Geithner didn’t keep the check.

<snip>

JPMorgan’s Dimon spoke first. He began by complimenting the president on the economic team he’d assembled. And he said his industry needs to explain more directly to the American people that the economic recovery plans are already working. Dimon also insisted that he’d like to give the government’s TARP money back as soon as practical, and asked the president to “streamline” that process.

But Obama didn’t like that idea — arguing that the system still needs government capital. The president offered an analogy: “This is like a patient who’s on antibiotics,” he said. “Maybe the patient starts feeling better after a couple of days, but you don’t stop taking the medicine until you’ve finished the bottle.” Returning the money too early, the president argued could send a bad signal.

Several CEOs disagreed, arguing instead that returning TARP money was their patriotic duty, that they didn’t need it anymore, and that publicity surrounding the return would send a positive signal of confidence to the markets.

Bank of America CEO Ken Lewis cracked a joke at the expense of his peers who’d lavished praise on the administration: “Mr. President,” he said, “I’m not going to suck up to Geithner and Summers like the other CEOs here have.” Lewis also urged the president not to paint all the banks with the same broad brush.

The president argued that’s not what the White House was doing. Indeed, earlier the same week, Obama said at a nationally televised news conference, “The rest of us can’t afford to demonize every investor or entrepreneur who seeks to make a profit.”

As the meeting wound down after nearly an hour and a half, the CEOs hustled out to live television positions on the White House grounds, where many gave interviews to CNBC.

It had been a landmark day in the history of American capitalism. Unbeknownst to the financial executives, General Motors CEO Rick Wagoner was also on Pennsylvania Avenue that day, meeting with Obama’s auto bailout task force. Although the finance CEOs got a meeting with the president, Wagoner saw only Obama’s senior advisor Steven Rattner at the Treasury Department. During the meeting, Rattner demanded Wagoner’s resignation.

It had been a tough day for CEOs in the nation’s capital.

It is the common consensus among us little people that Rick Wagoner was made an example of to other bailed out executives to tow the line or else.  It is also not that hard a jump to say it was two birds with one stone considering Frederick Henderson’s background; “Meet The New CEO Of GM“.

Is there a congressperson or senator out there that is willing to bring even thinking about bringing impeachment proceedings against this usurper-in-charge for any number of bad judgement calls  starting with not “allowing” banks to repay TARP money as was promised to us, the taxpayers, way back when?

The Judge with Glenn Beck:

TARP 1 Was To Ease The Credit Crunch?  Not So Much…

TARP 1 Was To Ease The Credit Crunch? Not So Much…

(H/T to Maggie’s Notebook)

Take a good look at this photo and remember this man as someone who decided to step out of the shadows and act like what we know Americans to be.

“TARP actually was designed to give solid banks like U.S. Bancorp some extra cash to buy weaker banks in the system.” – Richard Davis

Richard Davis, US Bancorp CEO

Richard Davis, US Bancorp CEO

U.S. Bancorp CEO Davis rips TARP

There is no “A, R or P” in the government’s Troubled Asset Relief Program, quipped U.S. Bancorp Chief Executive Richard Davis Tuesday morning in front of about 300 business people in Minneapolis.

“It’s just troubled,” the 50-year-old CEO said at the Thrivent Financial for Lutherans’ Business Leaders Forum. The forum invites executives to discuss how business and their principles intersect.

In his hour-long speech, Davis spoke about the economic crisis and the banking industry’s role in that crisis. But he kept the mood light, calling himself a “banker dude” and “Christian guy,” and at one point revealed that back in high school, he had been fired from his first job, at Toys “R” Us.

Davis also said banking remains a critical part of society, despite its current troubles.

“Bankers are dream makers,” he said. “We don’t make anything. We don’t build anything. We don’t fix anything. We don’t break anything. We get behind everyone who does.”

Some very profound words and very frightening words at the same time.  When Obama tries to nationalize the banking system and create an even greater chasm between those that CAN HAVE and those that CANNOT HAVE, we will be on the brink…

But Davis was critical of the U.S. Treasury’s Troubled Asset Relief Program introduced last fall, saying that while the program was well intended, it has turned out to be “lousy.”

Created to encourage lending to small businesses and consumers, TARP started by shoveling tens of billions of dollars at the country’s biggest banks but soon was expanded to include banks of all sizes. Minneapolis-based U.S. Bancorp got $6.6 billion.

“I will say this very bluntly: We were told to take it. Not asked, told. ‘You will take it,’ ” Davis said. “It doesn’t matter if you were there on the first night and you were told to sign on the dotted line before you walked out of the office, or whether in the days that followed, you were told to take it.”

But by Tuesday afternoon, a U.S. Bancorp spokesman said Davis had misspoke, and meant that because the largest banks in the country took TARP money, U.S. Bancorp and others were forced to do so as well, for competitive reasons.

Does that statement surprise anybody?  One must assume the corruption is layers and layers deep until someone like Richard Davis speaks out and blows the whistle.

Davis went on to say in his talk that while government officials marketed the program as a way to entice banks to lend again, TARP actually was designed to give solid banks like U.S. Bancorp some extra cash to buy weaker banks in the system. U.S. Bancorp did just that late last year when it acquired the assets of two failed banks in California, Downey Savings and Loan and PFF Bank & Trust.

Now what was I saying for the last umpteen months?  The banks used the money to buy each other and consolidate their power.

“We were told to take it so that we could help Darwin synthesize the weaker banks and acquire those and put them under different leadership,” he said. “We are not even allowed to mention that. … We were supposed to say the TARP money was used for lending.”

Told to lie; by whom exactly?

But Davis is talking about it now, he says, because he and others oppose current and future strings attached to the program. Davis didn’t detail those strings, but he said he and some peers intend to voice their opinions to Washington, D.C., soon.

“Now they’re punishing you for having the capital,” he said, adding that he refuses to stand by and let his company become “collateral damage” in an attempt to nationalize the banks.

And here are some words of wisdom…

Near the close of his speech, Davis suggested that what the panic-stricken world needs more than ever now is a little bit of courage and some faith that it will get through this dark period.

“Perhaps what we should do is check ourselves and say, ‘OK, it is tough.’ What can we — any two of us, any five of us, any 200 of us — do to improve the outcome of this difficult circumstance,” Davis said. “And by the way, where’s the faith? … Where’s the belief that something is going to turn here and we might actually have a chance?”

Ladies and Gentlemen; we make our path, not Nancy, Harry, Bambi, Chris or Barney even though they are trying to enslave us and future generations.

What are we going to do, what are you willing to do, and what was the payoff for the Republicans to help the Democrats put Bambi in the White House?

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