Alerts, Economy, Globalization, Politics, REALonomics
Bush to Federalize Nine Major Banks
October 14, 2008 by REALonomics · 2 Comments
Syndicated from iVoteAmerica
Well, by George, he’s given new meaning to “compassionate conservative” by federalizing the banking and capital systems on his way out of office!
Don’t let the swinging door slap you backside on your way back to Crawford, Mr. President.
According to the Bush Banking proposal, nine major banks have accepted the notion of partial government partnership. These banks are: Bank of America, Merrill Lynch, Bank of New York Mellon, Citigroup, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, State Street and Wells Fargo.
Watch this video:
George Bush is implementing the G7’s recommendations for government partnership with American banks. In other words, free money from American taxpayers to shore up the international economy.
Is this the new federal socialization of our economy? Bush said, “The government’s roll will be limited and temporary…” Can anyone name a federal program which, after implemented, remained limited or was temporary?
For the full story, visit this morning’s (Tuesday, October 14, 2008) article by Washington Post Staff Writers Howard Schneider, David Cho and Neil Irwin, entitled “Bush Defends Government Bank Investment.”
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For the most part this was total bs.
These banks were not at the point where they needed this backing
Glen Cove…you are right! In fact, when Bank of America and Wells Fargo indicated their resistance to the idea they were forced by the Feds to accept the deal.