Perhaps this story is breaking news to those who think taxpayer money should be happily doled out to private businesses. But to those of us who believe in the free market economy, this story is vindication about the perils of letting government tentacles reach into the heart of private industry. From politico.com comes these comments from Treasury Secretary Timothy Geithner to the congressional panel that’s overseeing TARP:
Geithner also warned Congress that going forward, a key problem facing the Treasury is that small banks fear being “stigmatized” by accepting federal help.
“They are reluctant to come. They don’t want to come to the government,” Geithner said. “They think it’s a sign of weakness, not strength.”
He added said that the banks are wary of the “risks and conditions in the future” associated with the government’s aid that might make it difficult to run their businesses.
It IS a sign of weakness and they SHOULD fear the strings of being tied to government.