The President announced that the government will be buying stock in U.S. banks. Oh joy. The passage of the $700 bailout bill was the first step toward socialism, and this is the second.

Blackstone Group Chief Executive Stephen Schwarzman said on Tuesday the injection of government cash into U.S. banks, alongside similar measures around the world, could break the back of the credit crisis.

…

“We will be looking today to an absolute sea change in the global financial system in terms of liquidity,” Schwarzman told a packed room at the Super Return private equity conference in Dubai. This could be the action that “breaks the back of the credit crisis,” he said.

He was referring to plans by the U.S. government to inject $250 billion into the nation’s banks, following similar action in Europe, to revive money markets and try to stave off global recession.

Schwarzman said there was now “absolutely no reason” why anyone would have concerns or fears about putting money into the U.S. financial system.

Nationalized banking isn’t going to be the walk in the park they want you to think it is.

I wonder how many steps there are before you reach socialism. Can we manage to turn around before we get there? I think I forgot my toothbrush.

Comments are closed.