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If It Quacks Like Socialism

Might want to stock up on potatoes and vodka. President Bush (you know, the "fiscal conservative") is considering taking over partial ownership of several U.S. banks. The Treasury Department is also offering to inject "fresh" (meaning freshly printed) capital into financial institutions in exchange for ownership shares.
News that the Bush administration is considering taking part ownership in a number of U.S. banks helped restore a relative calm over global financial markets Thursday.

Treasury Secretary Henry Paulson told reporters that Treasury was moving quickly to implement the $700 billion rescue effort and he specifically mentioned reviewing ways to bolster the capital of banks.

"We will use all the tools we've been given to maximum effectiveness, including strengthening the capitalization of financial institutions of every size," Paulson said at a Wednesday news conference.

His statements came on the heels of Britain's move to pour cash into troubled banks in exchange for stakes in them - a partial nationalization.
Meanwhile, the Dow continues to tank. First it was the 10,000 mark. Today it was 9,000, and there doesn't seem to be any bottom in sight. I mean hell, GM is trading for under $5.00. Putting a gallon of gas in your Ford will cost you more than a share of stock in the company that manufactured it.

...And the worst is yet to come.

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