B. Hussien Obama showed his hand this week when The New York Times wrote that he is considering converting the stock the government owns in our country's banks from preferred stock, which it now holds, to common stock.
This seemingly insignificant change is momentous. It means that the federal government will control all of the major banks and financial institutions in the nation. It means socialism.
The Dems wanted the taxpayers to "get something back" for thebailout and this resulted in government recieving an equity stake. But to avoid the issue of a potential for government control of the banks, everybody agreed that the stock the feds would take back in return for their money would be preferred stock, not common stock. But with this recent change, Obama will give Washington a voting majority among the common stockholders of these banks and other financial institutions.Whoever controls the banks controls the credit and, therefore, the economy. That's called socialism.
With bank profits up and financial institutions trying to give back their money, there is no need for the conversion of the government stock from preferred to common -- except to advance the socialist agenda of this administration.
Meanwhile, to keep its leverage over the economy intact, the Obama administration is refusing to let banks and other companies give back the TARP money until they pass a financial "stress test."
But this isn't important, let's think like the NY Times...poor polo ponies....drink the Kool-Aid and forget.