Government Bank Purchases

The government bought significant interests in several of the largest banks today. According to this article,

Executives of the country's biggest banks were summoned to a remarkable meeting at the Treasury Department on Monday to be briefed on the plan. Paulson basically told the bank CEOs that they had to accept the government stock purchases for the good of the U.S. economy.

This is incredibly disturbing. Some of the banks needed the money, but others did not, and yet the government forced all of the 9 banks to take the money. Does Wells Fargo or Chase need the money? Sure, they could use it, but this money comes in the form of partial ownership of the banks by the government.

What if you owned a house that the government decided to take partial ownership of, in exchange for some money, and gave you no choice in the matter? Or a business owner who is doing fine and was forced to sell part of the ownership in your company to the government?

Yet another step in our march towards socialism.