Nationalizing Our County?

" No doubt -- acquisition which we call our windows on the world you're talking about 96 different windows satellite feeds coming from all over the globe. A White House gets things done Iran -- one of my campers this is the Dow. Of the courtroom wall and brought a lot of look at Dow is down 251. Points that you heard about this we talked about a little bit doing it during the first segment about the bank's. What they want to do now to TARP money this is the Fed's. Is instead of giving more TARP funds to banks they want to going to -- common stock of the bank. Right it would give them voting rights. Over the banks it would stretch those TARP dollars out. Let's go to ran 230 to bring in Peter Marie C he is an economist at University of Maryland Peter. The thing that scares a lot of it will the most they talk about what they call nationalize the banks. Is the fact the Fed would be able to go in and literally have. Voting rights in these banks."

" That's exactly what they intend to do you know they Borneo preferred shares in the banks and instead of asking congress for more money. They gonna say -- will convert those the common stock which means we have the money yet again to spend on -- talk. Allocations bills bought the -- what if they're not getting the money back for the banks this sounds like a power play. It's out there like the White House has finally by straight with the bankers -- simply question at what congress that he can use this sort of accounting technique to get around the need to get congressional approval for more cash. You know more about that that I did read a but I want to ask you question when it comes down to common stock and preferred stock what they want to do was go in and -- common stock in my assessment is is that you -- common stock. That means that if something happens your -- you're kind that a -- right. Well that's still near the low man on the totem pole things go bad it yet preferred stock you get paid before the common shareholders get paid that's true but now. Don't think there's really any danger of these banks going under not even Citigroup at this point so I don't think that's the real issue the real issue here is. -- Treasury Department run the bank's. I think it's absurd what all the difficulties they're having trouble having trading General Motors -- run the eight largest banks in the United States would more than 50% of its deposits. This sounds like French 1970s. And socialism today its first -- well advocates say the year here you're speaking nonsense because they're saying it had nothing to do it nationalize the banks has nothing new with the treasury running banks all they're saying is we're trying to take that original 700 billion dollars. Ends ratchet up further so it doesn't cost the taxpayers -- my -- lying on both counts I'm sorry that's just not true. They're going to convert preferred stock. The common stock and might not count as TARP money but Ellis thought the gold borrowed that amount of money in the bond market like -- in the original TARP money. To go spend -- again -- not going to get to use that money all over again that going to have to borrow new money but they'll get around the congress at a big government. Buying up voting shares at a private company is not nationalization. Now what is it and that's the threats or attacks on the president got ten seconds left to yell at you Peter you said get around congress and that's the deal here is because you go back to congress right now they're not going to give you more money. And why should they look at how badly the banks are behaving Jamie Dimon is thumbing his nose of the treasury the president and vice and I think it takes -- Now it's time that maybe Jamie -- and the others got bank instead of by their common stock. -- thank you sir."