Wednesday, October 8, 2008

Want to own a bank? Uncle Sam wants you

The New York Times reports tonight that the U.S. Department of the Treasury is considering investing in struggling and healthy banks to supposedly get lending started again across the nation.

Literally nationalizing America's banks is about as bizarre a notion as ever has been considered. But the treasury secretary is now the most powerful person in the nation thanks to Congress and the president. He says it, and it happens.

Meanwhile, I just watched and listened to a banker today on CNBC say he was making all kinds of loans to various customers. So what is the truth?

By bailing out the banks that made unwise loans, taxpayers would get preferred shares in the financial institutions. Didn't we all want to own a bank? But these banks are failing ones.

Just when you think our government has gone too far with our money, something new is recommended and too quickly becomes fact. Stay tuned for more news about America, the new socialist power.

No comments: