Citibank Government Takeover! Sort of! What?

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citibanklogo1

Citibank just banked more gov’t fundage. Uncle Sam now has a whopping 36% stake in the flailing financial institution. 

Is this a sign that we’re on our way to nationalized banks? What the F does that even mean?

Below, the basics:

1. Nationalization = government run banks. Some say yay: banks gone wild got us into this economic mess. Others (cough, GOP) say nay: this is a first step towards communism.

2. It’s not unheard of. The gov’t already foots the bill for the Postal Service, Amtrak and the Transportation Security Administration. 

3. George W. Bush started it. The September takeover of mega-mortgage behomoths Freddie Mac and Fannie Mae was technically nationalizing them. So like, who’s a Commie now?

4. Nationalization doesn’t have to be foreva. In 1992, Sweden nationalized their busted banks, got everything in order, then resold the banks to private buyers—all within a few years.

WordUp

Stress Tests = The computer-run evaluations of 20 major banks that Obama and his crew are doing this week

By the Numbers

20 = the number of banks being “stress tested” this week

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