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Have Our Banks Become Nationalized? - 12/18/11

 

Hugo Chavez, dictator (oops, we mean President) of Venezuela, is reputed to control 1/3 of the Venezuelan economy. That’s peanuts compared to the percentage of the US economy President Obama controls. With Dodd-Frank now on the books, Obama is now able to insure that America’s banks carry out his social and economic policies. The middle class is feeling it already. The banking services they purchase will now cost more just so the banking services sold to the poor are cheaper or even free! Say goodbye to free markets. In this episode, Bob is again joined by Tom McGraw, CEO of First National Bank of Northern California. They discuss the quasi-nationalization of our banks and how the making of ordinary business decisions is controlled by banking regulators; thus replacing the business sense and banking knowledge of the owners and management of the banks. It’s an unholy and unhealthy perversion of the free market. Get the inside story.