You‘ll scream in HORROR at the ZOMBIE BANKS!!!
You‘ll cringe as TOXIC ASSETS ooze closer to your nest egg!!!
You‘ll SHIVER IN FEAR at the CREEPING NATIONALIZATION!!!
THE ROCKY FISCAL HORROR SHOW
coming soon to a cinema near you
(Okay, a bit cynical but an apt metaphor for what‘s taking place in the global economy.)
With U.S. President, Barack Obama‘s economic stimulus package in place ‘" all 1,000 pages of it ‘" global economists have had the opportunity to pore over this dry (as Adelaide‘s current weather) document to discover some frightening facts and figures.
The Nationalization of U.S. Banks?
Citigroup is the 800-pound gorilla among U.S. financial institutions, providing consumer and institutional services across all sectors of the global economy. The money-based conglomerate has already received $65 billion in ‘buy-out‘ money from the feds, who currently hold an 8% stake in Citigroup.
American taxpayers and foreign governments holding U.S. bonds now have a small ownership position in the largest financial entity worldwide. However, the prognosticators have determined that this 8% ownership stake in Citigroup was necessary to keep financial markets afloat.
The new stimulus package, dubbed ‘The Stim‘ by the U.S. media, shows more tax dollars and more borrowed money going in to failing banks with the government possibly taking a 40% stake in Citigroup. Creeping nationalization!
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