Friday, May 15, 2009

The Birth of Bailout Nation

This is something we have strongly suspected since last October. And while hundreds of billions in tax dollars were shuttled to banking institutions and to the lending industry before this, the mid-October '08 meeting between Paulson, Beranke and the Big Nine established the psychology and M.O. for Bailout Nation.

It has been widely reported that Treasury Secretary Hank Paulson and Fed chief Ben Bernanke summoned the CEOs of America's nine largest financial institutions to a meeting on October 13, 2008, at which they were told that their banks would be required to accept TARP money and give the federal government an ownership interest in their institutions, whether they wanted to do so or not. We have it on good authority that some of the bankers, at least, were told that they would not be allowed to leave the room until they signed documents that were presented to them at that meeting.

Powerline has the "offer they couldn't refuse" and a very interesting email, here.

H/T: Instapundit

1 comment:

K T Cat said...

It's turning out that Bush was a mini-Peron. He was a harbinger of Obama. That suggests that the problem is not in the politicians, but in us. If both parties elect quasi-fascist leaders, then we've got some serious cultural problems.