Tuesday, February 24, 2009

Nationalizing Banks? No Thanks!

The more politicians discuss nationalizing banks, the lower the stock market falls. The current scuttle-butt is about Citibank and the acquisition of close to 40 percent of its stock. 40 percent would make the U.S. government the largest shareholder and that would, in essence, give the government control. President Obama wears many hats…and apparently two faces. He went on record as opposing the move toward nationalization previously. It is a tough pill to swallow for banks, like Bank of America (one of the objectors) who has remained profitable in spite of the Federal Reserve’s insistence that they “absorb” troubled ones (banks). The government claimed, in the fall, that all banks had to accept the bailout money (even those who were strong) to avoid stigmatizing those who really needed it. The weaker banks could have gone into bankruptcy and allowed bankruptcy judges to handle it. Let’s approach this from a common sense perspective. When any government has a stake in any company efficiency is compromised and profits are reduced. John R. Lott, Jr. : We once had a national bank in the U.S. — the Bank of the United States — and President Andrew Jackson eliminated it because the bank funded politically connected businesses. In the past, the federal government has forced banks to grant mortgages to “risky” folks…some who only had welfare as income. God only knows what other pet projects are lurking in the wings should financial institutions become nationalized and the government move from regulator to owner! Should the federal government start charging lower interest rates…they could literally force the non-nationalized ones out. And you can bank on that!

We can no longer sit as the silent majority…We must stand as a united one…with a voice!

Encouragement: Even Elijah the prophet felt discouraged when he thought he was alone...“Lord, THEY HAVE KILLED YOUR PROPHETS, THEY HAVE TORN DOWN YOUR ALTARS, AND I ALONE AM LEFT, AND THEY ARE SEEKING MY LIFE.” But what is the divine response to him? “I HAVE KEPT for Myself SEVEN THOUSAND MEN WHO HAVE NOT BOWED THE KNEE TO BAAL.” ROMANS 11:3-4

May God bless America…and may America deserve it!

Zanne Booker 02-24-09