Another step towards the inevitable. . .

TGregg

TGregg

WASHINGTON – Federal regulators said Monday they will launch a revamped program to shore up the nation's troubled banks that includes the option of increasing government ownership in financial institutions.

. . .

In a new twist, regulators have the option of allowing the government to boost its ownership in banks without having to pour more taxpayer money into them. That would be done through a technical change converting the status of the government's shares in a financial institution.
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http://news.yahoo.com/s/ap/20090223/ap_on_bi_ge/bank_rescue
 
Just how stooopid does this administration think everybody is?

Reid: Don't call it nationalization
Senate Majority Leader Harry Reid said he supports efforts of the federal government to dramatically expand its stake in Citigroup, but wants people to back off from the dramatic rhetoric.

“It’s not nationalization, it’s protecting the taxpayers’ interests,” Reid (D-Nev.) told MSNBC’s Morning Joe program on Monday.
. . .
The federal government is in talks to take as much as a 40 percent stake in the struggling bank’s common stock, the Wall Street Journal reported on Sunday.
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http://news.yahoo.com/s/politico/20090223/pl_politico/19174
 
Quote from Ivanovich:

I think you underestimate just how dumb the average Joe is. the administration doesn't, however.
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Excellent point.
Which makes all of this even more scary.:eek:
And Jeff Mackie just said on CNBC..."No one's in charge..."
 
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