All Your Banks Are Belong To Us

February 21, 2009

THE CONCEPT of nationalization is getting traction in Washington, D.C., where even prominent Republicans like Sen. Lindsay Graham (R-S.C.) are openly talking about taking over some of the country’s largest banks.

A year ago, I wrote about the apparent insolvency of the American banking system. Figures available from the Federal Reserve’s website showed that the reserves held by its member banks were 100% borrowed money.

The situation has completely changed since the first emergency bailout was rammed through Congress last fall — but that’s not necessarily good news.

Read more at Derek’s website

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