Sunday, September 21, 2008

The Nationalization of our Banking System

This one is going to be short.

If you do nothing else, please read this post over at the market ticker.

The most chilling thing is this excerpt from the $700bil bailout bill, the text of which hit Fox News here.

"The Secretarys authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time"

Emphasis mine. "Outstanding at any one time". So if they buy out a company, and then sell it off immediately at a loss, that loss doesn't count. The taxpayers eat the loss, and then the Treasury immediately has the entire amount they originally spent available to do it again.

There are a number of other very scary items in this bill. Please read the analysis over at The Market Ticker. Please do it, and then call your representatives if you don't want this so called "solution" to be enacted as written.

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