Socialism Step 6 - Government Controls the Banks

About: thehill.com

source: ... But to avoid the issue of a potential for government control of the banks, everybody agreed that the stock the feds would take back in return for their money would be preferred stock, not common stock. “Preferred” means that these stockholders get the first crack at dividends, but only common stockholders can actually vote on company management or policy. Now, by changing this fundamental element of the TARP plan, Obama will give Washington a voting majority among the common stockholders of these banks and other financial institutions. The almost 500 companies receiving TARP money will be, in effect, run by Washington.

And whoever controls the banks controls the credit and, therefore, the economy. That’s called socialism.

...convert stock to common (voting) stock means control of the money.  This is exactly opposite from threefoldness!

Along with forcing Bank of America to go thru the deal with Merrill Lynch this looks like nationalism by a different name to me.
Willie Sutton on banks "that's where the money is!"
A big question is how is this bait & switch allowed? Where is the law?

Tags

  1. anti-threefoldness
  2. step 6
  3. socialism
  4. bank robbers

Comments


Mark de LA says
Obama's massive financial regulations came out a couple of weeks ago but were overshadowed by Iran elections.  The WSJ gives some details here. Otherwise here is a google of the cloud. And here is the profile of one area Summary Of Obama Financial Regulation Plan :

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