Nationalization of Bank of America, Citigroup – Other sectors to follow?
Shares of Wells Fargo (WFC), JPMorgan (JPM), Citigroup (C) and Bank of America (BAC), the backbone of what remains of the world’s financial system, reached lows not seen in decades. Investors fear what some have called “creeping nationalization,” as monetary and fiscal authorities appear content to let equity holders suffer the worst of the losses."
"Creeping nationalization" jumps off the page at me. As this typhoon continues to batter the economy, does anyone expect financials to be the only sector that doesn’t see this de facto nationalization? What’s next? I see this "creeping nationalization" spilling into energy, oil, commodities and other sectors as the eye wall bears down on us. When Wal Mart gets nationalized that will be the sure sign that the apocalypse is upon us.
What chaps my butt is the author’s assessment that authorites are letting it happen – letting shareholders take one for the team so to speak. I guess I’d be okay with that if we were going through a survival of the fittest, or last man standing scenario and letting nature run its course.
It galls me that the ever elusive "they" are squeezing the taxpayers to prop up these failing banks with the Bailouts-R-Us. Where has our money gone? Why didn’t Kohn answer Congressman Grayson when he asked where the taxpayers’ $1.2T went? Could it be that the money is poof, gone – and King Henry Paulson and his evil side-kick, (Sub)Prime Minister Bernanke know it? What would happen if the general, tax paying public found out that the money is gone, never to return, because it was used to buy the illusion of confidence and sentiment – because it was used to buy mortgage backed securities and derivatives that were/are worthless and that Paulson and his henchman on Capitol Hill knew it from the start?
And now we are supposed to embrace Geithner???????? I think if the average taxpayer found out where their money went (cue the flushing toilet sound bite), we’d have a whole lot of "Geithnerisms" in our own tax preparation. "Sorry Mr. T-Man, I must have forgotten to include my wages when I did my taxes."
Another round of Tax revolts anyone?
Dogs (do you mind if I call you that?),
There is not the slightest doubt in my mind that Geithner as TS will inspire some percentage of the popluation to "fudge" –at least–on their returns this year–This Year! A year when those revenues are going to be like a defribillator to a person in cardiac arrest. Of course, when you can print at will, perhaps tax revenues are irellevant. Additionally, imagine the potential growth of the "Federal taxes are illegal" camp that his confirmation will inspire.
As much I as love the election of Obama and have great hopes for some integrity to be restored to the office and the country, He and I have at least one thing to disagree about..
Non – LOL!!
Dogs works. I did get a response to one of my posts from someone who could not make the connection between my forum name and my forum symbol.
Privatization of losses while nationalisation of assets – fascism pure and simple. International bankers own and control our monetary system. They are consolidating national banks to operate under a global, ultra-national central bank – the monarch for all banks and political power.
Wealth is not destroyed, it is only transferred. For every dollar lost by 401-k holders, stock shareholders, and other investors someone else is profiting. Money appears to be disappearing through corruption, graft, fraud, etc., but, much of it is being transferred to the central banks.
We need to end the creation of all money as unpayable interest-bearing loans. President OBama, Congress,the American people are not governing our Nation. The banking industry governs it. Although the founders provided the principles and instructions for a debt-free medium of exchange, the ‘special interests’ managed to completely convert our money from an evidence of wealth to an evidence of debt from the signing of our New Constitution to 1934.
We must once again create and spend all new money into circulation as a totally debt-free payment. The money would not be a debt. It would be owned not owed and would not have to be repaid, extinguished and borrowed again to exist. The problem and solution is not in fiscal or tax policy but in monetary policy and morality. We must get honest.
We could conntinue to use book entries but just spend them into circulation don’t lend then in. Having to borrow a medium of exchange to do commerce and trade our production makes slaves of any people. We were intended to be free. It cannot be just interest-free. It muct be totally debt-free. Federal and State legislation has been written to make the conversion.