NYT: U.S. May Take Ownership Stake in Banks

New York Times ^ | October 9, 2008 | By EDMUND L. ANDREWS and MARK LANDLER

[Marine_Uncle]

"The idea is gaining support even among longtime Republican policy makers who have spent most of their careers defending laissez-faire economic policies."
It literally has been forced down their throats. If this nationalization process takes place, heaven only knows what else will slip out of the dark corners with acceptance in the future.

[lainie]

Link to same story at WSJ

U.S. Treasury Considers Buying Stakes in Banks
New Tack Comes Amid World-Wide Emergency Rate Cuts

http://online.wsj.com/article/SB122355427239518855.html#

One of the chief threats to the global economy is that banks and other financial institutions are hoarding cash, which makes it harder for businesses and households to finance their day-to-day affairs.

Treasury wants to design something voluntary that encourages healthy institutions to participate. It is discussing whether to buy preferred stock or find some other way to inject capital into the firms.

In remarks to reporters on Wednesday, Mr. Paulson said its new authority extends beyond just mortgage-related assets to "any other troubled assets that the Treasury and the Federal Reserve deem necessary to promote financial market stability."

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Yeah. "Voluntary."

[An Old Man]

"our rulers and commentators "

Are you 10 tears old?

[wmfights]

You're foolishly going to be putting control of important parts of your life into the hands of Barney Frank and Chuck Schumer. There has been a lot of stupid behavior in the last few years, but it's nothing compared to what those two will be doing to you.

That's why the govt. should have let those that made bad decisions pay the price for them. The only thing the govt. should have done is change the accounting rules and insured the performance of the mortgages.

The market is just beginning to tighten up. Citicorp has announced they are getting out of the secondary market. How long till the other big players do the same? Does anyone believe banks are going to make any loans to anyone/business without them being AAA.

IOW, the problem will get worse and those that helped create this mess will be in a position to assert more control over the financial markets.

[PEACE ENFORCER]

"It’s the end of civilization, the US is no longer a beacon on the hill, it is a candle in the wind...."

I'd have to disagree..... more like a Fart in The Wind.

[Canedawg]

Yes, Bilderberg.

http://nosheepleshere.blogspot.com/2008/08/barack-bilderberg-group-and-new-world.html

Well, the markets didnt react well to the bailout, and they definitely didnt like this announcement in The Slimes today.

But that isnt stopping the seemingly inexorable march towards Socialism, instigated by the powers that be.