Now you have an indication of just how desperate the government is to find funds so it can fix the transportation system — if it’s really going to go towards that in the end, that is. Not only that, raiding (nationalizing) the banks is going to force banking to become more expensive and the fees are always passed on to the consumer. A new hatred towards bankers will begin thanks to the government plundering its own banking system, which in the end is its own people.
A transportation bill in Congress has put the U.S. well on the road to socialism, Dick Bove said Monday.
The bipartisan Senate bill, announced in July, would cut the dividend paid by the Federal Reserve to banks each year from 6 percent to 1.5 percent, and the difference would go toward funding highway projects“The government has taken the position that, because they offer FDIC insurance, they have the right to invade banks,” Rafferty Capital Markets’ vice president of equity research told CNBC’s “Squawk Box.”
“Unfortunately, I believe the banks have been nationalized; I believe we’re well on the road to socialism in terms of the way we’re taking money flows out of the banking system and putting it into highways,” he said.
“They are not only setting very tough regulations concerning how the banks function, but with the highway safety bill, what they’re doing is saying ‘we’re going to take some of the revenues from the banks and use it to repair highways,'” Bove said.
Full article: Dick Bove: US banks have been ‘nationalized’ (CNBC)