The United States of Venezuela
"Nationalization" ... we deplore it
Cezar Chavez has been busily taking over Venezuela’s economy, and this is a bad thing. We deplore it.
But The United States of America just nationalized a good portion of Wall Street.
We, the Publick, now own 79.5% of AIG, one of the largest insurance companies in the world. Treasury notes pay ~2%, but the US Treasury (or the Federal Bank) has issued (printed) money to loan our financial institutions $100s of billions at rates around 11%.
We, the Publick, once actually made money bailing out Chrysler. Maybe the Fed and the Treasury will do the same with bank notes, if we bought their hind ends (assets) at 70 cents on the dollar. But I doubt our Congress has that will.
Congress, not our President, created this mess. Just check out how much Joe Biden or Chuck Schumer took from Morgan Stanley and even Lehman Brothers in the past few election cycles: www.opensecrets.org.
Now that we own a trillion dollars of “private” bonds and investments, maybe it’s time for Congress to swap that REAL MONEY for the fake debt (“trust funds”) in the Social Security system that they have been spending for twenty years.