the tindog coffeehouse

It’s fair to say US Bancorp CEO Richard Davis isn’t a fan of the Troubled Asset Relief Program, the $700,000,000,000 government financial bailout rushed through Congress last October.

“It’s just troubled,” the 50-year-old CEO said at the Thrivent Financial for Lutherans’ Business Leaders Forum. …

Davis went on to say in his talk that while government officials marketed the program as a way to entice banks to lend again, TARP actually was designed to give solid banks like U.S. Bancorp some extra cash to buy weaker banks in the system. U.S. Bancorp did just that late last year when it acquired the assets of two failed banks in California, Downey Savings and Loan and PFF Bank & Trust.

“We were told to take it so that we could help Darwin synthesize the weaker banks and acquire those and put them under different leadership,” he said. “We are not even allowed to mention that. … We were supposed to say the TARP money was used for lending.” …

“Now they’re punishing you for having the capital,” he said, adding that he refuses to stand by and let his company become “collateral damage” in an attempt to nationalize the banks.

So what does Davis offer as an alternative solution to government bailouts? Faith.

Near the close of his speech, Davis suggested that what the panic-stricken world needs more than ever now is a little bit of courage and some faith that it will get through this dark period.

“Perhaps what we should do is check ourselves and say, ‘OK, it is tough.’ What can we — any two of us, any five of us, any 200 of us — do to improve the outcome of this difficult circumstance,” Davis said. “And by the way, where’s the faith? … Where’s the belief that something is going to turn here and we might actually have a chance?”

Don’t worry, Mr. Davis. I’m sure President Obama will save us. He is, after all, the messiah.

Previously:
The ‘savior-based economy’
Second half of bailout: How ’bout a little oversight this time?
‘Dude, where’s my $700 billion?’
But he’s still faster than a speeding bullet, right?