@topic,

San Francisco-based Wells Fargo (NYSE: WFC) received $25 billion in federal bailout funds from the Troubled Asset Relief Program, which is designed to thaw the credit markets. Executives have said they didn’t need the money but were directed to take it in the early days of the financial crisis.

I have heard several times that many Bank Executives were actually forced by the Obama Administration to accept the bailout money even when they said they do not need it. Among the Banks are Wellsfargo as confirmed by this report, and the TCF Bank.

To say the money being spent by the Obama Admin to bailout most of these institutions is just to save the economy has always looked suspicious to me. It appears controlling these institutions is at the heart of the bailout. How else can one explain this? From Day 1, it was mentioned that GMC should be allowed to go bankrupt and so restructure, but the administration did not allow such a move. They are now considering the move only after bailing them out and thereby wresting control off of the private sector. As usual, the liberals don't mind sacrificing the sweat of others to achieve their goal.

The thought that an Administration that does not have anyone on the cabinet with an Executive experience of running a private sector business to make a profit is now controlling the biggest instituions in our economy is at best frightening.

Tayo, Bush started the bank bailout nonsense . . . why are you only crying now that Obama is pursuing the same policy? If controlling the banks was the goal why was he reluctant to nationalise the banks in the face of serious criticism from the right?

Republicans cried that the government shld take over the banks rather than pumping money into them . . . now it turns out the banks were healthier than first thought and the repugs are now crying Obama was seeking to control them after all . . . do you people have a consistent and honest opinion on anything at all?

Tayo-D:

The thought that an Administration that does not have anyone on the cabinet with an Executive experience of running a private sector business to make a profit is now controlling the biggest instituions in our economy is at best frightening.

And you thought McCain and Palin would be a better alternative?

Why didnt you all put up Romney then? Hypocrites.

Tayo-D:

I have heard several times that many Bank Executives were actually forced by the Obama Administration to accept the bailout money even when they said they do not need it. Among the Banks are Wellsfargo as confirmed by this report, and the TCF Bank.

To say the money being spent by the Obama Admin to bailout most of these institutions is just to save the economy has always looked suspicious to me. It appears controlling these institutions is at the heart of the bailout. How else can one explain this?.

From my recollection, the TARP infusions into the banks, particularly Wells Fargo's, was conceived and announced before Obama took office.

My biggest problem with Obama is that he clearly doesn't have a clue about how to deal with this crisis . He is totally dependent on advisers like Geithner and Summers who are more interested in protecting their pals in Wall Street at the country's expense.

The competent people can't get elected because they are not charismatic enough or due to some inane disqualifying factor like past sexual peccadilloes, religious orientation or the lack of one, looks(an overweight person hasn't got a chance), their candour, e.t.c. Romney was brilliant but he wouldn't have stood a chance against Obama.

All these policies will do is what the Bush recession combating policies of '01 did, engineer economic growth for a while until we have an even bigger crash in a few years time. By that time Obama would be into his 2nd term but Americans will end up poorer than they were before he came into office.

If Romney had been on the Republican ballot he would have been a better alternative to Obama in all honesty.

The reality is that the most honest and competent people can't make it in politics. You have to be on some level dysfunctional, prepared to tell bold faced lies while in possession of an inordinate amount of self-regard to succeed in politics. If Joseph Stiglitz, Paul Krugman or Roubini ran for office, they will be thoroughly humiliated by someone less intelligent and competent than them.

that is politics for you . . . besides the likes of Krugman would rather criticise than offer alternatives to the government.

Krugman came up with a plan while the Bush and Obama administrations were still dithering. Not bad for an individual. A sitting Government has enormous resources - financial, human and legal - to fashion a plan. An individual doesn't.

@davidylan,

Tayo, Bush started the bank bailout nonsense . . . why are you only crying now that Obama is pursuing the same policy?

Bush started this and Obama put it on steroids. Whether under Bush or Obama, I have always opposed the bailout. Stop mouthing things you don't know. You will do well to show here where I ever supported it.

From my recollection, the TARP infusions into the banks, particularly Wells Fargo's, was conceived and announced before Obama took office.

I can't remember Wellsfargo being singled out for the TARP funds. Wasn't Wellsfargo buying another Bank at that time? The point is that it shows how the political class have ended up stealing blind the populace. You announced to bail out institutions that you have no clue what their bottomline is. How stupid is that?

And to think that Wellsfargo and others were arm-twisted into collecting the money!! There are also reports how the govt refused some of the instituions returning the money they received. For wha purpose I ask? Were we not told that the money will be paid back, with perhaps some interest for the tax payers?

Tayo-D:


The thought that an Administration that does not have anyone on the cabinet with an Executive experience of running a private sector business to make a profit is now controlling the biggest instituions in our economy is at best frightening.

abraham lincoln and the major members of his cabinet did not have any military background and yet they managed the greatest war in US history. without which tayo d would never have come to the US.

anyone who listens to the republicans must be frightened. b/c that's all they do, scare tactics. and of course to say NO

so be ready to be afraid in the next 4 yrs, and God help u, it may be 8 yrs of fear


meanwhile, HUSSEIN RULES IN THE WHITE HOUSE   , hmmn, that sounds so sweet, i'll say it again

PRESIDENT BARRACK HUSSEIN OBAMA RULES IN THE WHITE HOUSE . . . one more time

PRESIDENT HUSSEIN OBAMA RULES IN THE WHITE HOUSE . . . . . 

Tayo-D:

@davidylan,
Bush started this and Obama put it on steroids. Whether under Bush or Obama, I have always opposed the bailout. Stop mouthing things you don't know. You will do well to show here where I ever supported it.

No where in my riposte did i say you "supported" the bank bailout. I am only wondering why we now have threads complaining or expressing "fright" now that Obama is continuing with the same policy. When Bush and McCain were pursuing the same agenda were you "frightened" about "big government" and increased government control?

Understand my point first before firing your guns . . .

@davidylan,

No where in my riposte did i say you "supported" the bank bailout. I am only wondering why we now have threads complaining or expressing "fright" now that Obama is continuing with the same policy. When Bush and McCain were pursuing the same agenda were you "frightened" about "big government" and increased government control?

I have always been agains the big govt and control of the private sector institutions. This is not the first time I have expressed this view. So coming out declaring that I am just now doing this amounts to ignorance of my position.

Understand my point first before firing your guns . . .

Don't flatter youself. You think you will still be standing if I fire my gun at you?

david, scare tactics is their culture. all their followers are going to be afraid for the next 4yrs. they'll live in fear and i will continue to laugh

Tayo-D:

@davidylan,
I have always been agains the big govt and control of the private sector institutions. This is not the first time I have expressed this view. So coming out declaring that I am just now doing this amounts to ignorance of my position.

Were you frightened when Bush proposed the very same thing last yr? Of course not, you were too busy being frightened of Hussein.

Tayo-D:

Don't flatter youself. You think you will still be standing if I fire my gun at you?

no be only gun, na shakabula.

pres-elect:

david, scare tactics is their culture. all their followers are going to be afraid for the next 4yrs. they'll live in fear and i will continue to laugh

dont mind them, every where on faux news now its the same boring theme - fear!

@David,

You just keep repeating the same mantra. Under Bush or Obama, I opposed this bailout nonsense. Its a mater of principle, not personality. I know its hard for you to go beyond that.

Tayo-D:

@David,

You just keep repeating the same mantra. Under Bush or Obama, I opposed this bailout nonsense. Its a mater of principle, not personality. I know its hard for you to go beyond that.

i'm just doing same as you . . . you are trying so hard to avoid the fact that under Bush you weren't complaining of "big government", "government control" and "fright" . . .

latest fox news attack . . . obama has not gone to church since inauguration . . . oooops, i thought they said he is a muslim

@David,

I have said time and again on nairaland, that Bush grew the govt and I hated that. If anything, Bush wasn't accused of excessive control, but rather was too liberal. As for fright, I really don't have an idea what you are talking about!

Tayo-D:

@David,

I have said time and again on nairaland, that Bush grew the govt and I hated that. If anything, Bush wasn't accused of excessive control, but rather was too liberal. As for fright, I really don't have an idea what you are talking about!

no be you talk say obama's spending is frightening? anyway, most republicans have expressed fear. from sean hannity, to billo the clown, glenn beck even wept on tv, another senator(cant remember his name now) said obama is disarming america, all delusional. . .

i think these guys need an honest mental status assessment. i'm not sure all this is politics. some of them may really be sick

presi elect, they are even attacking him for the Pizza he ordered, saying why not from his chicago home. oh well he should try african food. let's see if he will eat soul food, oh not so fast also they are talking abt the millionaires clubs (his inner circle) from Rahaim to Alxerod, not too good for the common street man Obama is siding right, i shall like him. we will see

i pity the new dog obama is bringing to the white house. fox news will soon attack it

pres, the Faux news guys arent sick . . . news is all about infotainment, ratings and ultimately money.

all this goldman sachs boyz want to take over the world.

Now i know why Geithner said that nationalization was not necessary. I didn't believe him then, but now i do.