Back in April 2009, just weeks after our dear leader took the helm, I saw his approach to TARP as one different than then intended use. You'll recall Bush asked for TARP after his Treasury Secretary painted a dark picture for the US banking industry resulting from the subprime debacle.
In correct order: 1) redistributionists pushed bad loans on US banks with white guilt and help from congressional democrats, 2) which led to significant loan defaults, 3) which threatened to destroy many banks that were greedy with the more lucrative subprime loans and took obscene risks in those investments, 4) which paid off by having a Treasury Secretary sympathetic to their plight and a president who (mistakenly in hindsight) trusted the advice of his cabinet.
For Bush, TARP was a short-term solution to a liquidity crisis.
For Obama, TARP was a way to take long-term control of the nation's banks. He forced healthy banks to take TARP money, got his seat on the board, and led those banks through vacuous "stress tests," often without sharing the standards the banks would be measured against. Since 2009, Obama and his commissars have controlled the banks.
I bring this up because of the latest news from GP: Obama DOJ Caught Targeting Legal Gun Dealers – Threaten Banks to Close Their Accounts (Video)
Operation Choke Point – The Targeting of Legal Gun Dealers
A gun dealer in Hawkins, Wisconsin says the Department of Justice forced Heritage Credit Union to close his recently opened bank account because he’s in the business of legally selling guns.
Their gun-grabbing efforts have failed. Every one.
Americans want gun rights. Large majorities.
The fight continues...