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The Federal Government Never has to Surrender Control Over the Banking System

October 21, 2008

 The more that I read about the bailout the worse it gets. My mind hasn’t changed about the socialization of the banking system, in fact I grow more aggravated when I read something like this. In previous posts I asked the question, when has the government ever given back power that it has taken? We now have learned what many of us have been fearing. The treasury department has admitted that they are under no obligation to return anything that they take control over.

The U.S. government is under no obligation, ever, to surrender any of the assets it purchases as part of the federal financial bailout plan, a Treasury Department official told on Friday

 Now we know the true reason why the house and senate, along with the president, really wanted this horrible bill passed so quickly. It wasn’t because the economy would fail immediately if the bill failed, it was because they felt the bill needed to be passed before the American people found out exactly what was in it.

 The banks who have been purchased are under strict orders not to speak to the public about it.

“Honestly, I think that’s a question you should be asking them,” Bank of New York Mellon spokesman Kevin Heine said. “The reason I’m saying that is because the government has asked us–and I think they’ve asked the other banks–not to describe their program. 
“In other words, it’s fine for us to say what we think of the participation in the program, but when people call here about details related to the program itself, the Treasury Department has asked that we defer those questions back to them because they don’t want the banks describing to the press or to the external world their program.”

  The same bank spokesman than said when the government tell you to shut up, you shut up.

“Normally that probably wouldn’t be the case, but because it’s the U.S. government, you know, the U.S. government tells you not to talk about their program, you basically don’t talk about their program.”

 Our Republic is dead.

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