From Cox and Forkum:
From FOX News (using their front page headline): U.S. to Pour Up to $250 Billion Directly Into Banks
U.S. officials announced Tuesday morning a broad range of measures designed to shore up the struggling financial system, including the purchase of stakes in some of the country’s largest banks and guarantees for most new debt issued by insured banks. [Emphasis added]
You think Hugo Chavez is jealous?
Good to see that not all banks are wanting government intervention. From the Washington Post: Smaller Banks Resist Federal Cash Infusions.
Community banking executives around the country responded with anger yesterday to the Bush administration’s strategy of investing $250 billion in financial firms, saying they don’t need the money, resent the intrusion and feel it’s unfair to rescue companies from their own mistakes.
But regulators said some banks will be pressed to take the taxpayer dollars anyway. Others banks judged too sick to save will be allowed to fail. …
The opposition suggested that the government may have to continue to press banks to participate in the plan. The first $125 billion will be divided among nine of the largest U.S. banks, which were forced to accept the investment to help destigmatize the program in the eyes of other institutions. [Emphasis added]
Banks are being “pressed” and “forced” to accept money that was “pressed” and “forced” from taxpayers.
In defense of yet another socialist expansion, Bush gives us a classic A-is-non-A denial of reality: “These measures are not intended to take over the free market but to preserve it.”
Clearly the man doesn’t even know what the “free” in “free market” means. And unfortunately it neither do McCain and Obama.