This morning President Bush and Treasury Secretary Paulson announce the next step in their plan to nationalize the banking industry. They are going to spend $250 billion buying equity in the nations banks.

$125 Billion will be spent immediately buying shares of the nine largest banks. Participation is "voluntary."

The remaining $125 billion will be made available to banks throughout the country willing to be nationalized.

I have contacted my bank to determine if they will be selling equity to the federal government. If they do, I will be moving my banking business to another institution.

The loss of my accounts will not be a blow to my current bank - they will not even notice. But I urge everyone to pull their business out of federally owned banks.

Posted by: Stephen Macklin at 11:37 AM | No Comments | Add Comment