Barack Obama: the Banker's Choice: http://www.infowars.com/?p=5761
Note the bank mergers and aquisitions since 1998 (http://en.wikipedia.org/wiki/List_of_ba ... ted_States
), especially those of Citigroup (1998, 2002), Bank of America (1998, 2004, 2005, 2007, 2008), Washington Mutual (1998, 2000, 2002, 2008), JP Morgan Chase (2000, 2004, 2008), Wachovia (2001, 2004, 2006, 2007, 2008), Wells Fargo (1998, 2000, 2008), and Bank of New York Mellon (2007). Also note that JP Morgan Chase acquired Washington Mutual in 2008 and that Wells Fargo acquired Wachovia in 2008, two of the nation's largest nine banks that were "partially" nationalized later in 2008.
Does Congress Secretly Plan to Nationalize American Banks?http://www.christianbusinessdaily.com/a ... leID=12498
June 30, 2008
What I believe we are seeing is the nationalization of our banking industry. Don't feel like the Lone Ranger… it appears the central banks in other non-communist nations are doing the same thing, just using a different methodology. Since nationalization of privately owned business is a primary identifier for a communist system of economics, it certainly gives one pause for thought, doesn't it? It looks to me like government wants to turn consumer lending and checking accounts over to GMAC, while they give control of other banking functions to stock brokers.
Is the nationalization of the oil industry far behind banks? Or, is the Congressional suggestion that oil companies be nationalized just a good way to keep our “nationalization” radar focused on an industry other than banking? Who knows in that dirty jungle called Washington?
I believe there will be grave problems ahead for America's commercial banking industry, just as there were problems for the Savings and Loan industry when Congress created that problem. The proposed legislation could give the non-regulated, non-audited, non-bank banking industry of brokerage and equity investment houses control of commercial banks without the protections that banks, and thus, consumers, have via the supposed regulation of the Comptroller of the Currency, the FDIC, state regulators, the Federal Reserve, and others.
Of course, none of these agencies is doing what bank regulations require them to do to protect America's banks from precisely what is happening to them.
Nine Banks "Partially" Nationalizedhttp://www.americanthinker.com/blog/200 ... lized.html
October 14, 2008
Can you get "a little" pregnant? Then how can a bank be "partially" nationalized?
The U.S. government is dramatically escalating its response to the financial crisis by planning to invest $250 billion in the country's banks, forcing nine of the largest to accept a Treasury stake in what amounts to a partial nationalization.
News that European governments also planned to take stakes in their banks, and anticipation of new U.S. measures, unleashed a tremendous surge in U.S. stock prices yesterday, with the Dow Jones industrial average soaring to the biggest percentage gain since the 1930s, up 11.1 percent. It ended 936.42 points higher, the largest point gain ever, just days after the Dow had its steepest weekly decline in history.
The Treasury Department's decision to take equity stakes in banks represents a significant reversal, coming just weeks after Treasury Secretary Henry M. Paulson Jr. had opposed the idea. "In a momentous meeting yesterday afternoon in Washington, Paulson, flanked by top financial regulators, told the executives of nine leading banks that they needed to participate in the program for the good of the national economy," two industry sources said on condition of anonymity because they were not authorized to speak publicly.
So this is how it comes, yes? Not with dramatic speeches and chest thumping but in the silence of a well appointed government office where American citizens are told to hand over the private property of investors to virtual government control.
I am speechless with rage. Not one peep from "conservative" economists? Where are the op-eds? Who is defending the free market system? Us? A couple of thousand internet bloggers and writers and a few radio talk show hosts?
What would Paulsen have done if the bank execs said "thanks, but no thanks?" That's a chasm I choose not to have open beneath my feet thank you.
If Bush can do this, what would a Barack Obama do in the name of this emergency? One shudders to contemplate it.
This won't stop at banks. If things get much worse, other industries will be sitting in Paulsen's office and given the choice of "doing what's right for the national economy" or...what? Anything is possible with this crew.
If it were simply a case of throwing the rascals out, that would be easy. But the entire government of the United States, save a few scattered souls in Congress , are evidently in favor of this switch to socialism. It makes one feel helpless when you realize that decisions being made now will have consequences that will reverberate the rest of our lives.
Have they all lost their minds?
How Paulson Nationalized the Biggest Banks in the U.S. - "It was a take it or take it offer"http://www.wnd.com/index.php?fa=PAGE.view&pageId=78089
October 14, 2008
It took the Bush Administration longer than many experts believe it should have taken to get there, but today's big news is that the administration has finally arrived at the point many economists weeks ago urged it to get to: direct injections of cash into the banking system and in turn taking ownership stakes in some of the nation's largest banks.
The administration had to twist some bankers' arms to arrive at this point, since there were top banking executives who didn't want the federal government taking ownership in their institutions.
But banks aren't exactly in the strongest negotiating position right now. Nine of the nation's largest banks were told they didn't have a choice.
The move follows a landmark agreement among European countries over the weekend to follow Britain in partially nationalizing ailing banks and providing deposit insurance and other guarantees on loans between banks. All told, Britain, Germany, France, Italy and other countries poured $2.3 trillion into their banking sector, according to news reports.