Will Obama Administration Nationalize Banks?

That's the question being bandied about not only in the financial sector, but around kitchen counters and in diners across the nation. The Obama administration is trying to quell this speculation.

They trotted out Robert Gibbs, White House press secretary, who said, "This administration continues to strongly believe that a privately held banking system is the correct way to go, ensuring they are regulated sufficiently by this government."

It seems the keyword here is "believe". That's a relatively lukewarm term when citizens (at least conservatives and libertarians) would prefer to hear something more along the lines of "insist".



The two banks that are currently the most worrisome are Bank of America and Citigroup. The bottom line is if nationalization takes place, shareholders would likely be wiped out.

Is this any way to treat citizens? Hardly. When times were great, Wall Street institutions didn't mind slamming people with high credit interest rates. When times got bad because of lending irresponsibility, taxpayers had to bail them out. Some of the money went for lofty bonuses.

Where is the shame, where is the shame? President Obama needs to step up and show leadership and take these banks to task. That's some change I'd like to see.