Eidelbus: Don't Say I Didn't Warn You

From Perry Eidelbus:

Wednesday, March 25, 2009

Nationalizing the banking industry: don't say I didn't warn you

Americans are more likely to listen to the likes of George Stephanopoulos analyzing Obama's style and glossing over the typical lack of substance, ignorant of what Obama and Geithner are actually proposing.


The bottom line: the Treasury wants the power to take over any non-bank "financial institution" that it says is in need of saving. With this power, it can renegotiate and even nullify contracts (not just with employees, but business partners, so who will want to enter into contracts anymore?). The feds can also seize any and all assets to sell to competitors. Think of how dangerous this tyranny is. Remember how Chuck Schumer caused a bank run on IndyMac with comments he sent out one Friday afternoon? That will pale in comparison to what will be possible. Nothing will stand in the way of a federal bureaucrat at the Treasury who has a beef with a financial institution, or who wants to punish a single shareholder. Nothing will stand in the way of the feds keeping "we the people" in line.


I wrote on February 19th, talking about those liars Greenspan and Bernanke: "Mark my words here: as bad as it is now, we haven't yet seen how finance will become politicians' ultimate weapon to stifle dissent and ensure obedience. Under such a system, much like in African dictatorships, any suspicion that you're not loyal, have mocked or derided a politician, etc., means blacklisting. Financial blacklisting. That means an inability to deposit savings, get a loan, or transmit money electronically. It's not impossible to live that way, but most people don't have the stomach and would rather lick the hands that feed them. Be watchful, for I believe in the coming years we'll see (and most won't realize until too late) what "the mark of the beast" is. Without control of the financial infrastructure, how else could the tyranny of the last days prevent (most) people from engaging in commerce sans the mark?"


I started warning shortly after AIG was taken over by the feds that this was a prelude to nationalization. I also explained how a country can be taken over, quietly and from the inside, as the feds are doing now.


I've warned about Tim Geithner from the beginning.


I warned that, after Hank Paulson said the Treasury was dropping plans to buy "toxic assets" in favor of "injecting capital" into banks in exchange for direct equity stakes, the feds' goal all along was nationalization.


I've exposed the feds' lies and hypocrisy in using certain accounting trickery, which in the private sector would be fraud.


I've warned about scare tactics to make Americans think government intervention is necessary, like "$550 billion was pulled out money markets in just a few hours on September 18th!!!" (Paul Kanjorski, quoted in the second article I linked to, has been spreading this myth, as has conservative shill Diana West.)


Stay strong and vigilant. It's coming.


When the feds came to nationalize AIG, I was silent because they weren't my insurer.

When the feds came to nationalize the top banks, I was silent because I didn't care about Wall Street.

When the feds came to nationalize American automakers, I was silent because I drove a Japanese car.

When the feds came to drive health insurers out of business with a government-run plan, I was silent because I paid out of pocket anyway.

Now they've nationalized everything, doling out only what they say we need, and I am just a worker ant for the state whose job is to stay silent.