Opposing the Tyranny On the PlazaIn less than ten minutes from now, citizens will gather at the Legislative Plaza in Nashville for a "Tea Party" to oppose the federal government's endless set of "bailouts" which began under the last Administration, and are careening toward the dangerous path of nationalization under the present one:
Struggling banking giant Citigroup Inc., moving aggressively to shore up its equity base, announced a stock swap Friday that if successful will leave the government owning more than a third of the company and wipe out nearly three-quarters of existing shareholders' stake.
Under the deal, Citigroup said it will offer to convert nearly $27.5 billion in preferred stock sold to private investors and the public and up to $25 billion in preferred stock bought by the government into common stock. The exchange, if fully executed, would leave the U.S. government with 36% of the bank's shares. Existing shareholders' stake would be cut to 26%. Shareholders will have to approve much of the common stock issuance.
The agreement marks the third time since October that Washington has come to Citigroup's rescue. Since then, the government has pressured Citigroup to partially break itself up by selling big chunks of its businesses and to overhaul its board. But U.S. ownership has also created a murky situation in which it's unclear who's in charge, leaving Citigroup executives often groping for guidance.
The founders of this federal Republic did not risk their lives, fortunes, and honor for this country to have a nationalized business sector. What is most frightening about what is presently occurring is that President Obama's most ardent supporters know that they are literally about to destroy the federal Constitution, and those young people who supported Obama in the name of such vague slogans as "hope" and "change" do not understand what is happening, and hence do not care (they will care when their Savior destroys their country and their lives with it).
Barack Obama's disrespect for the Constitution goes well beyond anything that occurred during the Bush Administration, bad as some of Bush's policies were. In the case of Obama, he may as well just have a public ceremony and torch the Constitution, since he now demonstrates by the minute that it will mean nothing.
Our economy will be run by a series of czars (how appropriate in this new despotism) of which the Vice President appears to be the leader. The blind lead the blind and they shall all fall in the ditch.
The worst offenders for Tennesseans are the members of a certain political party who have used the floor of our State House of Representatives this week as a platform to announce that they would like to lead in sucking from the teet of the federal swine, while having the unmitigated gall to threaten to remove the swine's money from the districts of members who oppose it. Of course, the people of the opposing districts still have to pay for their freedom to be slowly sucked away. Meanwhile, those who think it is fine that the federal government should take away even the authority of the State of Tennessee to determine how it is governed shall crouch down and lick the hand that feeds them. As Samual Adams said of those too afraid to stand up to tyranny in an earlier time, "may posterity forget that ye were our countrymen."