April 22, 2009
What the Shirt Says
I made t-shirt and put it for sale on Zazzle.com. You can see it in the little widget at the top of the sidebar. On this shirt I outlined in the simplest possible terms the political and economic meaning of Socialism.
A few people I know - having seen the design with The One's logo as the "o" in socialism - accused me of exaggerating.
But this story in the the New York Times confirms that the shirt was right - logo and all.
Remember that among the 19 banks they want to this to are banks who have already expressed a desire to repay the TARP money and been refused by The Tax Cheat of the Treasury.
This is socialism. Anyone who tries to tell you otherwise is lying or an idiot.
A political theory advocating state ownership of industry
An economic system based on state ownership of capital
An economic system based on state ownership of capital
A few people I know - having seen the design with The One's logo as the "o" in socialism - accused me of exaggerating.
But this story in the the New York Times confirms that the shirt was right - logo and all.
WASHINGTON — President Obama’s top economic advisers have determined that they can shore up the nation’s banking system without having to ask Congress for more money any time soon, according to administration officials.
In a significant shift, White House and Treasury Department officials now say they can stretch what is left of the $700 billion financial bailout fund further than they had expected a few months ago, simply by converting the government’s existing loans to the nation’s 19 biggest banks into common stock.
Converting those loans to common shares would turn the federal aid into available capital for a bank — and give the government a large ownership stake in return.
While the option appears to be a quick and easy way to avoid a confrontation with Congressional leaders wary of putting more money into the banks, some critics would consider it a back door to nationalization, since the government could become the largest shareholder in several banks.
The Treasury has already negotiated this kind of conversion with Citigroup and has said it would consider doing the same with other banks, as needed. But now the administration seems convinced that this maneuver can be used to make up for any shortfall in capital that the big banks confront in the near term.
Each conversion of this type would force the administration to decide how to handle its considerable voting rights on a bank’s board.
In a significant shift, White House and Treasury Department officials now say they can stretch what is left of the $700 billion financial bailout fund further than they had expected a few months ago, simply by converting the government’s existing loans to the nation’s 19 biggest banks into common stock.
Converting those loans to common shares would turn the federal aid into available capital for a bank — and give the government a large ownership stake in return.
While the option appears to be a quick and easy way to avoid a confrontation with Congressional leaders wary of putting more money into the banks, some critics would consider it a back door to nationalization, since the government could become the largest shareholder in several banks.
The Treasury has already negotiated this kind of conversion with Citigroup and has said it would consider doing the same with other banks, as needed. But now the administration seems convinced that this maneuver can be used to make up for any shortfall in capital that the big banks confront in the near term.
Each conversion of this type would force the administration to decide how to handle its considerable voting rights on a bank’s board.
Remember that among the 19 banks they want to this to are banks who have already expressed a desire to repay the TARP money and been refused by The Tax Cheat of the Treasury.
This is socialism. Anyone who tries to tell you otherwise is lying or an idiot.
Posted by: Stephen Macklin at 08:18 AM | No Comments | Add Comment
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