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Socialism, Step 2

I just heard this on Glenn Beck’s TV show and haven’t researched it yet but will be doing so over the next week or two…

Apparently, the Obama administration wants to convert the stock that the government owns in the nation’s banks.  This is stock that the government has in the banks as a result of the bailout.  This stock is preferred stock, which means the average citizen actually receives some benefit since dividends are paid out to preferred stock holders.

However, the Obama administration allegedly wants to convert that stock from preferred stock to common stock.  Common stock doesn’t receive dividends.  Not only that but, if the government holds common stock in the banks, they receive voting rights.  This means our government would have a much larger say in how those banks are operated.

It’s a scary thought and one I will be looking into in the near future.


3 Responses

  1. Can you clarify: is the government proposing to convert all preferred stock? or simply their preferred stock to common stock? I would ask how the government could negate all preferred stock standing, but at this point nothing would surprise me!!! Scary.
    Actually, wait a minute Greta Van Susteran’s show tonight is reporting the same conversion!! When will people wake up?????

  2. Yeah…Like I said, I just heard this tonight, so I haven’t researched it yet. Hopefully it’s nothing but if it is, it is in no way a good thing.

  3. Just listened to the news and the explanation is that this conversion will allow the banks/gov to get more bailout money….and yep, nationalism..socialism.. whatever is no longer just on the horizon…

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