Conservative Talking Points is seeing a very dangerous string of events during 2009 which has led up to state-owned capitalism which is essentially fascism. Our government has taken over the banking, insurance, mortgage and automobile industries and currently is striving to nationalize our health care system. This is fascism!
Fascism Force of Law (or lack thereof)
· The NDAA (National Defense Authorization Act of 2012) was signed into law by Obama in December 2011. This enables the government to indefinitely detain or imprison anyone anywhere if he or she is considered a suspect of anything the US government suspects. (Source: GPO – Jan 2012)
· Suspend the rule of law: 1) Obama’ recess appointments while Congress was still in session, 2) Eric Holder refused to prosecute the New Black Panther Party for voter intimidation because they are black, 3) Holder refused to enforce the Defense of Marriage Act in court, 4) Holder’s part in Fast and Furious. (Source: American Thinker – Jan 2012)
Insurance Industry - AIG - $180B
· Since the fall of 2008 the United State Government has forced the taxpayers to give over $180 Billion to the world's largest insurance company AIG for an 80% ownership stake. (Source: Time - Mar 2009)
· Standard & Poor's and Moody's Investors Service changed their outlooks on AIG from stable to negative, indicating a credit rating downgrade is more likely over the long term. (Source: Reuters - Feb 2009)
· The House of Representatives voted 328-93 to pass a bill that would impose a 90% retroactive tax on those bonuses paid to executives of AIG. (Source: Washington Examiner - Mar 2009)
Mortgage Industry - Fannie Mae & Freddie Mac - $86B
· "We're assuming they each will cross the $100 billion mark fairly soon. They could be hitting the $200 billion barrier by the end of next year" Bose George, Keefe, Bruyette & Woods (Source: CNN Money - Jul 2009)
· Fannie Mae PAC gave a total of $617,900 to congressional members with Freddie PAC handing out $202,997 to members of Congress during the 2008 cycle. (Source: Center for Public Integrity - Jul 2008)
· James Lockhart, director of the Federal Housing Finance Agency and regulator of Fannie Mae and Freddie Mac, said it was unlikely that the federal government would ever be paid back the entire $85 billion spent to bail out those companies. (Source: Washington Post - Jul 2009)
· "Once government gets a new tool, it's virtually impossible to take it away...And Fannie and Freddie are now tools of the government." Rep-NJ, Scott Garrett - Financial Services Banking Subcommittee (Source: NY Times - Mar 2009)
Automotive Industry - GM & Chrysler - $100B
· The government plunder of the auto industry started with Chrysler being taken over with the UAW owning 55%, Fiat owning a 20% stake with the option of increasing it to 35%, the U.S. government owns 8% and Canada has a 2% stake after dumping $7B into it or months before. (Source: CNN Money - May 2009)
· The government-orchestrated takeover of GM will cost taxpayers $30B on top of the previous $20 billion to the company in exchange for government ownership of 60% of the new GM. After all is said and done, the rescue of the car industry could cost taxpayers close to $100B. (Source: Wall Street Journal - Jun 2009)
· The government destroyed thousands of small dealership companies and hundreds of thousands of jobs when they forced GM to reduce its 6,000-dealer network by more than 2,000 and Chrysler to cut 789 of its dealerships. (Source: CBS News - Jul 2009)
· After the government's plunder of GM was completed in June of 2009, the UAW Union (who strongly supported Obama) got $0.66 on the dollar while the bondholders only got $0.11 on the dollar.
· The Obama administration appointed Edward Whitacre, Jr., who has zero experience with cars, as the newly appointed chairman of GM. The 67 year old Whiteacre actually said, "I don't know anything about cars...A business is a business, and I think I can learn about cars." (Source: Huffington Post - June 2009)
Banking Industry - TARP (Troubled Asset Relief Program)- $200B
· TARP Fraud - "I think that we've identified some potentially very, very dangerous and significant fraud risks regarding price fixing and those types of frauds," Barofsky, TARP Special Inspector General (Source: ABC News - Apr 2009)
· Originally in January of 2009, the CBO estimated the final cost to taxpayers of the $700 billion TARP at around $189 billion, but in March 2009 it revised that to $356 billion. (Source: Wall Street Journal - Apr 2009)
· Neil Barofsky (TARP Special Inspector General) criticized the Treasury Department for not being able to account for the hundreds of billions of dollars already loaned to troubled banks. (Source: Huffington Post - Aug 2009)
· Bank of America, who has received $45B of TARP money, has spent $1.5M in lobbing to sway lawmakers in both the House and Senate. (Source: McClatchy Washington Bureau - Jul 2009)
The TOTAL Taxpayer Bill of Fascism
· The special inspector general Neil Barofsky delivered a quarterly report to Congress in July 2009 stating: (1) The US has committed $4.7 trillion to help the financial sector through its crisis which is equal to about 1/3 of the whole country's economy, (2) Under the worst circumstances, the USA's maximum exposure could total nearly $24 trillion which is $80,000 for every man, woman and child in America.
Quotes on American Fascism
· "Hey, Obama has just nationalized nothing more and nothing less than General Motors. Comrade Obama! Fidel, careful or we are going to end up to his right" - Venezuela President Hugo Chavez (Source: Fox News - Jun 2009)
· "And guess what this liberal would be all about? This liberal would be all about socializing - uh (long pause) would be about - basically - taking over, and the government running all of your companies." Rep. Maxine Waters (Source: Fox News & YouTube - May 2008)
· "We are 5 days from fundamentally transforming the United States of America" - Barack Obama (Source: University of Missouri in Columbia on October 30th, 2008, just 5 days before the election)