Well, they've gone and done it now, America!
Congratulations! We're all proud part-owners of nine of our leading, independent, non-struggling banks!
Yep. Our government pretty much strong-armed them into selling "non-voting" shares to itself. The Bush Administration is trying to ease the minds of people like me who think that this continued government intrusion into the private sector's business is deeply troubling by telling us that its latest moves are "not intended to take over the free market but to preserve it".
Uh huh. Right.
When healthy banks have to be "pressured" by our government to participate in order to remove "any stigma that might be associated with banks getting bailouts" ... kids, that ain't a good thing.
Additionally, I challenge one of my faithful readers to name something that our government has taken from us only to later return it back to us.
Yeah. Me neither.
Ronald Reagan once famously said, "The nine most terrifying words in the English language are, 'I'm from the government and I'm here to help.'" I tend to agree with him.
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