Dick Morris wrote an excellent article on something that is probably not getting very much attention: A final step in our mad dash to radically and fundamentally change American government & economics forever.
The Obama administration is "considering" converting the preferred stock the government holds in nearly every major bank & financial institution into common stock. Stock they "bought" with TARP money.
What does this mean?
"Preferred" [stock] means that these stockholders get the first crack at dividends, but only common stockholders can actually vote on company management or policy. Now, by changing this fundamental element of the TARP plan, Obama will give Washington a voting majority among the common stockholders of these banks and other financial institutions. The almost 500 companies receiving TARP money will be, in effect, run by Washington.Read the article, watch it happen.
And whoever controls the banks controls the credit and, therefore, the economy. That’s called socialism.