Tuesday, October 14, 2008

Whoa Nationalization!

Following in England's footsteps the Bush administration decided to semi-nationalize banks in America. $250 billion was directly invested into banks. $125 billion to larger banks, Bank of America, CitiGroup etc. The other $125 billion will be used for smaller banks. The stock market has already made record leaps all over the world. But, is anybody really satisfied with this decision?

This plan does come with security for American tax dollars and small business. It also has restrictions to eliminate golden parachutes. But, this plan is extremely liberal move for our government. Maybe even too liberal. The last time our banks were nationalized was in the 1930's during the great depression. This move seems drastic considering the state of America then economically and the state of America now.

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