American Banks & Financial Institutions

[CptSternn]

First Bear Stearns, then Fannie and Freddy, now AIG.

Anyone else see the irony here? The republicans are against helping out homeowners or credit card holders who get into financial crisis, yet the companies which used predatory lending practices to squeeze the public are saved when their house of cards falls.

Whats also ironic is the republicans are anti socialised medicine. However, they must not be against socialised banking, mortgages, or insurance - because the US government now owns the largest mortgage, insurance, investment banking, and brokerage firms in America.

That means pretty much all of Americas banking system, and the insurance behind it is all provided by the US government. It means Wall Street is now 1/2 owned by the US government, and by the people of the US.

If things continue down this path, and they will since this is by no means the bottom of the barrel, the more banks and institutions the US government bails out, the more banks and institutions which have become socialised. Owned by the government, by the people. Profits from said banks and institutions will be shared by the government, by the people.

There is a good chance that the banking system in America will be identical to the one in Cuba when this is all over.

Now that ironic isn't it?

[A Simple Poet]

The only problem I have with your theory is that the "people" don't own the U.S. Government, at least, not in reality. Corporations have supplanted them and so we are left with a very bizarre socialistic hybrid government run by lobbyists on behalf of what amounts to be an oligarchy of near business monopolies.

In other words, Wal-Mart WILL have its best shot to rule the free world after all.