Obama's Stealth Leap To Socialism
President Barack 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.
“Preferred” means that these stockholders get the first crack at dividends, but only common stockholders can actually vote on company management or policy. Now, by changing this fundamental element of the TARP plan, Mr. Obama will give Washington a voting majority among the common stockholders of these banks and other financial institutions.
And 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 political socialist agenda of this administration.
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