This is a very big deal: BB&T Respects Property Rights, Won’t Fund Eminent Domain Abuse
BB&T, the nation’s ninth largest financial holdings company with $109.2 billion in assets, announced today that it “will not lend to commercial developers that plan to build condominiums, shopping malls and other private projects on land taken from private citizens by government entities using eminent domain.”This is huge.
In a press release issued today by the bank, BB&T Chairman and Chief Executive Officer John Allison, said, “The idea that a citizen’s property can be taken by the government solely for private use is extremely misguided, in fact it’s just plain wrong. One of the most basic rights of every citizen is to keep what they own. As an institution dedicated to helping our clients achieve economic success and financial security, we won’t help any entity or company that would undermine that mission and threaten the hard-earned American dream of property ownership.”
“BB&T’s principled stand sets an example that should inspire other lenders and should become the new industry standard,” said Institute for Justice President and General Counsel Chip Mellor. The Institute for Justice litigated the Kelo case, in which the U.S. Supreme Court allowed the taking of private property for someone else’s private use in the guise of “economic development.” Mellor said, “You can and should accomplish economic development through private negotiation, not the use of government force through eminent domain.
In a world where the Fabian Society in the late 1800's and Stalin in the 1900's started a memetic war which still has damaged greatly the liberal left in this country (such as described here: Academia and the Internet: Rising From the Stalinist Ashes Like the University of Phoenix), where this memetic war has caused a fundamental shift in thinking about our founding principles (as described here: "A Whiter Shade of Pale": Sense and Nonsense -- The Pursuit of Perfection in Law and Politics) that led to the Kelso ruling that land taken from one person to benefit another is "public use" if it increases the tax base -- watching banks rebel against this ruling by observing that property rights are fundamental is huge.
It means that the bullshit of the Left has reached such a creshendo that it has effectively become irrelevant. And good people who are not confused by the mumbo-jumbo "intelligencia" of the Left who honestly believe that up is down, left is right, and traditional values need to go down the Memory Hole are starting to reassert themselves in unexpected--and powerful--ways.
If all major lending banks decided to stop supporting development projects built on top of land taken by Eminent Domain, governments may find themselves unable to borrow money. The interesting thing about the free market is that even government is affected by it: the only intersection between money and government is the Federal Reserve Bank: and that is traditionally run by bankers, not by government officials. The ebb and flow of money affects governments more than governments affect the ebb and flow of money--and if the bankers of this country decide to (for example) depreciate the credit rating of California (for example) if California engages in improper use of Eminent Domain powers--it could potentially cost California billions.
That's a huge stick.
Here's hoping more major financial institutions start welding it.
I compliment BB&T bank on their move. I hope other businesses will stand up for the principle of individual rights. Companies like Wal*Mart should publically swear off any development plans that use the power of eminent domain.