More Of The Same From DC....

WHITE HOUSE SAYS STRONGLY BELIEVES THAT PRIVATELY HELD BANK SYSTEM IS CORRECT WAY TO GO

WHITE HOUSE SAYS ADMINISTRATION WANTS TO ENSURE THAT BANKING SYSTEM IS SUFFICIENTLY REGULATED

White House: Privately Held Bk System "The Correct Way To Go"

These are the comments that are coming out of DC.

Makes you want to believe that no matter how much "CHANGE" there is....Things will always remain the same.

The only way to avoid a full blown depression is to nationalize the Financial Institutions.

My big thesis on Nationalization has always been not necessarily to create or spark a run in the equity on all of the banks, but to stop the pain the market has currently. That is the big fear. The stock market doesn't like the idea of nationalization, but what is worse is the panic that it is going to inflict once the devil is out of the bag. This will only increase the number of banks that will eventually need to be taken down. Right now, as we stand, BOFA, Citigroup, and to a lesser extent Wells Fargo needs to be taken under. If they are proactive, they can save most of these institutions. I mean is anyone in their right minds think that Citigroup and or BOFA can be saved at this point without government intervention? PNC, State Street, Bank Of NY, BB&T still have a future, but for how long? Once the public even has a remote idea that their money is not safe, they will deliver a classic once in a lifetime "Run On The Banks", completely wrecking not only the stock market but the whole structure of our economy.