All Your Banks Are Belong To Us
By DEREK P. GILBERT
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.
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