“First they ignore you, then they ridicule you, then they fight you, then you win.” – Mahatma Gandhi

Sunday, January 25, 2009

Nancy Pelosi - Nationalization of Banks a Good Idea? Yep.

Nancy Pelosi was on ABC this morning with George Stephanopoulos. The entire interview was a dance and dodge performance, but even with all the flowery non-answers there were some whoppers that should have fiscally conservative, anti-socialistic, freedom loving Americans up in arms.

In this small snippet George asks Pelosi about nationalizing banks:
STEPHANOPOULOS: And many analysts have looked at it and said the only way to really deal with it, these banks are so close to insolvency, dealing with so many toxic assets, that the only way to deal with it fairly without giving a big boon to shareholders, is to have nationalization or partial nationalization of the banks.

Good idea?

PELOSI: Well, whatever you want to call it. There has to be - if we are going to put money into the banks we certainly want equity for the American people.

In other words, if we are strengthening them then the American people should get some of the upside of that strengthening. Some people call that nationalization. I'm not talking about total ownership but we're just saying.

Now how big that investment becomes is - would we have ever thought we would see the day when we'd be using that terminology? Nationalization of the banks.

You see the impact it has on the stock market. Just terrible in terms of the bank stocks going down. Because if you're a shareholder and you see what would be a dilution of your investment because now the federal government - if we're putting - if the taxpayer is putting money up, the taxpayer should have equity.

STEPHANOPOULOS: So it might be necessary?

PELOSI: Well, not by the terminology that you use but some increased investment. Change has to happen in terms of what is done, what the transparency of it is, what the accountability of it is. Only then would be able to pass any additional funding.

In this segment Pelosi explains why funding family planning services (i.e. abortion advocates, social engineering) stimulates the economy:
STEPHANOPOULOS: Hundreds of millions of dollars to expand family planning services. How is that stimulus?

PELOSI: Well, the family planning services reduce cost. They reduce cost. The states are in terrible fiscal budget crises now and part of what we do for children's health, education and some of those elements are to help the states meet their financial needs. One of those - one of the initiatives you mentioned, the contraception, will reduce costs to the states and to the federal government.

Did you shake your head like I shook mine? Say what? I suppose that by giving away contraceptives the government is helping to decrease the birth rate and thereby is helping the would-be mother from buying diapers, etc., etc. Ya know, that's kind of a stretch.

We are headed in a direction that we do not want to go. Unfortunately, there are a whole lot of people with their hands out. We're not willing to suffer a bit of hardship to maintain the freedoms that make us the best country ever. Ever.

We're giving our future away all so we can have multiple televisions, two or more cars in the garage and a house that's way above our means.

History is going to show that this was the time where we lost our way in America. Although, if we're heading down the path of socialism, chances are the history books of the future will reflect what the regime in power wants them to promote.

Here's the link to the full transcript: http://abcnews.go.com/ThisWeek/story?id=6725512&page=1 I watched it this morning, had to go find the transcript to see if I heard her correctly. Unfortunately, I did.

Want to know more about what's in the stimulus package? Check out "Read the Stimulus" (www.readthestimulus.org).

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