Posted on 02/09/2011 12:52:58 PM PST by xjcsa
Earth to taxpayers! Owning stocks in banks is not nationalization of the banking industry. It´s trying to solve a problem.
The unprecedented financial crisis has caused the Treasury of the United States to take unprecedented measures to help solve the problem of frozen credit and cash flow for U.S. businesses.
Most of us had dreams of what we wanted to be when we grew up as children. Some of us wanted to grow up and become a fireman, a policeman, a doctor, a nurse, a lawyer, a teacher, an actor, an engineer, a writer, a dancer, a chef or any number of other professions.
But some of us wanted to own a bank because that´s where the money is!
Wake up people! Owning a part of the major banks in America is not a bad thing. We could make a profit while solving a problem.
---snip---
The free market purists´ objection to this is that it smacks at government control of the banking industry, which is called nationalization. They are correct. It smacks, but it is not nationalization because that would require the government to own at least 51 percent of the entity for an indefinite period of time.
The ownership by the taxpayers is going to be relatively small and nowhere near the amount needed to be called nationalization. So what´s the problem?
---snip---
(Excerpt) Read more at americanchronicle.com ...
LLS
At the time of 2008 ‘banking crisis’, no bank knew exactly the percentage of the toxic assets in their holdings. No bank would publish how bad the real situation was.
So this is similar to Pelosi’s “we have to pass the law (ObamaCare) to know what’s in it”. We have to ‘bail out the bank (in Hermann Cain’s words - owning the bank shares) to know how bad a deal it is.”
Dismaying, too say the least. Politicians are allowed to say wrong things from time to time, but this bit of ignorant ejaculation isn’t trivial, and he wrote it out in long hand, apparently all by himself. Wonder whether Herman thinks the same way today.
Sorry Herman, scratching you off my list. No bankster tool will ever get the vote of me or mine.
Herman Cain just came off my 2012 list of possible candidates.
Seems that Cain is just another Business Socialist.
Bailing out banks is just another form of welfare. We still have major economic problems after giving the banks trillions.....while Iceland let their banks crash (in worse shape than US banks) and their economy is rebounding.
Obviously, there are a few reasons why Cain is the “former” CEO of Godfathers Pizza (would it be that Godfathers is pretty much “out of business”?
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