Wednesday, October 8, 2008

The United States of Socialized Banking

According to Secretary Paulson, affectionately called GOD at the Federal Treasury, the bailout bill passed by Congress would give the treasury the right to give banks direct cash infusion in exchange for ownership in those banks! With everything else he has tried failing, Paulson seems about to WADE INTO SOCIALIZED BANKING in yet another attempt to restore confidence in America's financial sector. Here is a CLUE Mr. Paulson...use that money to buy out all first home mortgages in America directly from the property owners, and then remortgage said loans at FED interest rates for 30 years. You can use the interest collected to begin paying down the NATIONAL DEBT. While you are at it, rescend China's Most Favorite Nation trading status.
U.S. May Take Ownership Stake in US Banks
Published: October 8, 2008

WASHINGTON — Having tried without success to unlock frozen credit markets, the Treasury Department is considering taking ownership stakes in many United States banks to try to restore confidence in the financial system, according to government officials.

Shawn Thew/European Pressphoto Agency

Treasury officials say the just-passed $700 billion bailout bill gives them the authority to inject cash directly into banks that request it. Such a move would quickly strengthen banks’ balance sheets and, officials hope, persuade them to resume lending. In return, the law gives the Treasury the right to take ownership positions in banks, including healthy ones.

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