Life, Liberty, and my pursuit of Happiness

Why are banks getting bailout loans?
  Because they can't manage their money.

Why are people losing their homes?
  Because they can't manage their money.

Dur...

GM, Ford & Chrysler: Hello? Suppliers? We can't buy anything anymore sorry...

Auto Suppliers: Sorry but we have to let you hard workers go. Now off to file bankruptcy...

Unemployed Worker: No Honey, we don't have the money to buy new things; We can't even go out to a restaurant. I guess it's Ramen again...

Ramen Producers: Yay! We're rich!

This article appeared on Yahoo! Finance today (October 14th, 2008).  The CBS Early Show also did a brief segment on it.

THE NATIONALIZATION OF THE BANKS IS NOT OPTIONAL

See Bold Section Below!

Bush reveals new steps to steady banking industry

By Martin Crutsinger, AP Economics Writer

President Bush pledges to continue work to stabilize banking industry, US to buy bank shares WASHINGTON (AP) -- President Bush on Tuesday announced a $250 billion plan by the government to directly buy shares in the nation's leading banks, saying the drastic steps were "not intended to take over the free market but to preserve it."

Nine major banks will participate initally including all of the country's largest institutions. Some of the big banks had to be pressured to participate in the program by Treasury Secretary Henry Paulson, who wanted healthy institutions that did not necessarily need capital from the government to go first as a way of removing any stigma that might be associated with banks getting bailouts.

Section 8 of the draft legislation released on Saturday reads, in its entirety:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.