February 08, 2009
The Tax Cheat Cometh
Still not concerned about the ever growing government intervention in the economy? Still think it might not be as bad as I have been asserting?
Read this Washington Post article on Secretary of Tax Cheating, Tim Geithner. Here's the scariest bit:
Too much government is never worse than too much freedom. That is cabinet level policy thinking in the current administration.
And what does the Secretary of Tax Cheating want to use all that government for? (emphasis added)
The Secretary of Tax Cheating wants to aggressively use all the tools of government to move beyond the partial nationalization of the banking industry put in place by the Bush administration.
The plan, according to preliminary outlines, calls for conversion of preferred stock to common stock after seven years. It should be remembered that this is just a policy implementation dreamed up by the the Secretary of Tax Cheating. It does not require an act of congress to change that seven years to seven months just as it did not require an act of congress for his predecessor to change the original bail-out form buying up "troubled assets" to investing in banks.
I think it may finally be time to set aside all the old cliches and theories about sliding down a slippery slope toward socialism. It's starting to look like were about jump off a cliff.
Read this Washington Post article on Secretary of Tax Cheating, Tim Geithner. Here's the scariest bit:
The approach reflects Treasury Secretary Timothy F. Geithner's philosophy of how governments should respond to financial crises. He favors aggressive use of all available tools, both to deal directly with the massive losses in the financial sector and to bolster confidence in the future. Too little government response during a severe crisis poses a greater risk than too much response, he said at his confirmation hearing.
Too much government is never worse than too much freedom. That is cabinet level policy thinking in the current administration.
And what does the Secretary of Tax Cheating want to use all that government for? (emphasis added)
For example, there are likely to be new government investments in banks. But so far, the investments have come in the form of "perpetual preferred" stock, and the government has extracted no real control over how banks run themselves or what they do with the money.
The new approach is likely to make the investments convertible into common stock after some fixed period of time, perhaps seven years. If the banks are unable to raise private capital in that span, the government would receive more explicit control.
The new approach is likely to make the investments convertible into common stock after some fixed period of time, perhaps seven years. If the banks are unable to raise private capital in that span, the government would receive more explicit control.
The Secretary of Tax Cheating wants to aggressively use all the tools of government to move beyond the partial nationalization of the banking industry put in place by the Bush administration.
The plan, according to preliminary outlines, calls for conversion of preferred stock to common stock after seven years. It should be remembered that this is just a policy implementation dreamed up by the the Secretary of Tax Cheating. It does not require an act of congress to change that seven years to seven months just as it did not require an act of congress for his predecessor to change the original bail-out form buying up "troubled assets" to investing in banks.
I think it may finally be time to set aside all the old cliches and theories about sliding down a slippery slope toward socialism. It's starting to look like were about jump off a cliff.
Posted by: Stephen Macklin at 08:57 AM | No Comments | Add Comment
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