The Feds Begin Their Move to Socialize US Banks

Bloomberg news services is reporting that not less than six of the twenty largest U.S. banks require additional capital as indicated by the Treasury Department's fictitious stress tests. As predicted in my post yesterday, both Citi and BoA are in the group requiring "additional capital."

This information is attributed to persons who have been briefed on the matter.

The Treasury Department intentionally set up the stress test to favor the conversion of preferred shares to common voting shares of stock so that it can move to take a controlling interest in these large banks. What makes the matter laughable is that the conversion of the shares provides not one additional dollar to the banks. How this conversion provides "additional" capital in any real sense of the word requires a sincere act of faith in the US messiah President.

In short, converting the preferred shares to common voting stock is an objective, not a solution.

A church might call this a mystery, but I call it Socialism. President Barak Hussein Obama is a committed Socialist, and he is seeking to destroy the capitalist system in the United States.