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On the night of Barack Obama's historic presidential win....Fox News Freaks...and that's what they are....wet their pants in unison over an alleged plan by Obama and the Democrats to reinstate the Fairness Doctrine in media. Brit Hume, Karl Rove, Chris Wallace and Juan Williams, just minutes after Obama had been declared the winner, insisted that electing Obama meant the wingnut media sky would fall.
Eliminated during the Reagan administration, the reason for the Fairness Doctrine, originally, was to make sure that the public airwaves didn't unfairly propagandize or monopolize those airwaves by only airing one side of a debate or policy disagreement.
In spite of the fact that NO....count 'em, No....Democrat is pushing for reinstatement of the Fairness Doctrine,....let alone Obama....No reinstatement of the Doctrine is in the lineup of Congressional bills...the dishonest and propagandistic freaks from the conservative side still INSIST that the nation is in mortal danger from an imminent reinstatement of said Doctrine.
It's just how these freaks roll, I guess. Chasing ghosts of their own devising.
Now a new freak slogan, a new freak word, one you may have noticed, has entered conservative media freakdom. "Nationalization."
The choice of the word nationalization by the freaks is purposeful....even though disingenuous....which, come to think of it....is the purpose. When you hear a propagandistic freak spouting the word nationalization in discussions of what to do with big, insolvent banks, it's to make viewers and listeners conjure up visions of a Soviet Union-style takeover of all private industry. Socialist hordes gathering at the border.
The use of the word, nationalization, by these freaks, fits in with the phony narrative these same freaks are still trying to spin daily, i.e....that Obama is a socialist/communist who wants to destroy America's capitalistic economy and put all economic power in the hands of the federal government. See? Just look....Obama wants to 'nationalize' the banks....we told you he was a socialist-commie. Sarah Palin was right.
But alas, as with the Fairness Doctrine bullsh*t, fears of 'nationalization' of banks is also unwarranted.
Here's just one of Atrios' many references to banks which the FDIC have already "eated"....
On January 23, 2009, 1st Centennial Bank, Redlands, CA was closed by the California Department of Financial Institutions (DFI) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. Link
Failed banks, propagandistic freaks notwithstanding, have been "taken over" by the FDIC virtually every day during our economic collapse. Failed, insolvent banks are put into receivership by the FDIC regularly, shareholders wiped out, remaining assets apportioned to creditors, etc. These banks cease to exist. They have not been nationalized.
With the Bigs, like Citi, Bank of America, etc.....they, too, are insolvent, bankrupt....but because of the massive amount of "toxic asset", mortgage backed securities still being held by these Bigs....assets that we're being told Christ, himself, couldn't properly value.....they are too Big to fail, too Big to place into receivership.
Think about that for a moment.
In November of last year, W. and Henry Paulson decided to simply buy stock in those Big banks with our tax dollars. Buy stock in the same banks that have no idea what their balance sheets should have on them.(!) Remember, these guys are the professionals.
So, putting those banks into receivership, like the FDIC has been doing non-stop with smaller failed banks for months....is simply put off, compliments of your tax dollars. The freaking banks, themselves, (at least it's what they say) don't know, and can't figure out, what they are worth. Again, these guys are the professionals.
The purpose of the government in holding stock in these zombie banks was supposed to be a stop-gap measure until the balance sheets, mucked up by "toxic assets", could be unraveled. Neither Bush, nor Obama ever suggested, at any time, that the federal government should own and run (nationalize) any of these big banks.
These Big Bankrupt Banks want to have it both ways. They know they are bankrupt, insolvent....but they want everyone to pretend they're not. What the whole freak narrative of nationalization is intended to do, really, is to try to prevent the federal government from dissolving these big, undead, zombies.
Just as the freak breakdown over the Fairness Doctrine has no basis in fact....so too, nationalization of bank fears.
The Big Bankrupt Banks, in coordination with conservative freak media, are trying to scare Americans into pouring more billions into their rotted zombie institutions by using the scare tactic of 'nationalization.'
Even though NO ONE on either side wants government to own and run these banks.