Why Do We Have To Take Care Of These Bankers?

Nationalization by any other name is still taxpayer support of companies that should be in the private sector. Political fingers get into the pie, government grows larger and more forceful, and deficits either grow or tax rates grow. It’s a vicious circle led by political hypocrites.

Reuters this morning contributed to the fraud with their reporting in the UK:

Financials got a lift after Bernanke said the government did not have plans to nationalise major banks at this stage. The comments also buoyed Wall Street and Asian shares. In the UK, finance minister Alistair Darling said the UK’s part-nationalised banks should remain owned both by investors and the government for now so it is eventually easier to return them to full private ownership. Royal Bank of Scotland, Lloyds Banking Group, Barclays, HSBC and Standard Chartered advanced between 4.8 and 9 percent.”

Yesterday in testimony on banking in the US Senate, Sen. Corker in a statement to Fed chairman Bernanke explained his concerns over the definition of the word ‘nationalization’. When asked what he thought the word meant, Bernanke said with a smile, “Public-private partnership, I suppose”.

I cannot begin to tell you how disgusted I am.

Any way you cut it, money is being taken from taxpayers to pay management and shareholders of insolvent banks.

TerryC gave is a notable quote yesterday:

“You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it.”

Dr. Adrian Rogers, 1931-2005

Why is it that we have to take care of these bankers? The answer “I suppose” is that enough politicians have been bought-and-paid-for by the bankers.

Last evening, President Obama gave a brilliant speech in which every time he stated that the bankers would not be taken care of, the assembly rose to their feet and cheered. These people could not have insulted me more than spit in my eye.

Public-private partnership, conflict of interest, whatever you want to call it; America’s ship is sinking, and its captain is giving magnificent speeches.

As for me, I have my life preserver in hand because I know what’s coming next. Unfortunately, these bankers and politicians don’t want me to survive; they are trying to punch holes in my protection in the form of their transaction tax. You see, they know I’m not going to support them; so they want me eliminated.

They are not making life easy, are they?

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