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FBN's Cody Willard Wants BofA and Citi To Fail

Reported by Ellen - June 16, 2009 -

Cody Willard shows his love for country in a recent column on foxbusiness.com in which he longs for the failure of Bank of America and Citigroup in order to save taxpayer money. But Willard seems more interested in preserving his free market ideology than he is in any taxpayer good. Otherwise, why not try to think about ways the companies could succeed? Update: Apparently Willard doesn't think so highly of us. OK, he called us clueless.

Willard's telling headline says it all, "Shouldn’t We Want BofA and Citi TO FAIL?!" It's not, "We have no choice but for them to fail" or "There's no path to success" but that failure is the best option for all. Unless you happen to work at one of those banks, of course.

Willard may be right when he says, "The taxpayer is certainly never going to get an actual payout of money from these companies." But rather than think of ways that a taxpayer might get some money (after all, we're already invested), Willard goes on to offer a conspiracy-theory type analysis: Doesn’t that mean that the more success Bank of America and Citigroup have the bigger government gets? Since the government owns these companies, they are part of the government and the government’s going to be the one who gets the money and the power that will come from any successes that these companies have, I’m not sure how I’m ever going to benefit from these companies creating or sustaining successful ongoing businesses — all growth at Citi and BofA simply equates to bigger budgets and growth of the government and more politicization of what used to be profit-seeking capital and capital markets... So I ask you — shouldn’t we want all these companies who have taken any kind of government assistance and now are owned in any way by the government (including government ownership of warrants and what not at Goldman and the rest of the insolvent investment banks who want to pay back the TARP welfare they got with the AIG-counterparty welfare money they got) TO FAIL?"

Willard could have thought about ways to come up with win-win so that the companies would succeed, taxpayers would get back some of their money and let private enterprise go back to being private (to the extent that it ever was; Willard conveniently overlooks the fact that banking has long been heavily regulated). But he concedes defeat at the outset, a defeat that just happens to dovetail nicely with his political philosophy, and then, with incendiary flourish, decides that the rest of us should help propel his doomsday scenario.

Glenn Beck would be proud.

(Via News Hounds blogger Dan)

UPDATE: Apparently Willard discussed us on the air yesterday (I can't get Fox Business so I'd never have known were it not for Inside Cable News watching so I didn't have to). According to Inside Cable News, Willard said, "Ok, #1 Media Matters and Newshounds.us or whatever…These guys are truly clueless. I mean they continually try and make me look like some kind of a right wing nutjob. I think you guys know I might be a nutjob but I ain’t no right wing nutjob and I sure as heck ain’t no left wing nutjob."