July 14th, 2008

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IndyBank falls to Federal Nationalization

Despite what last week’s reports said, IndyBank has collapsed. Due to the collapse, the Federal government has stepped in, and done something worse. The United States federal government has created a black hole.

How has the government done this? They just nationalized IndyBank. The bank is now to be known as IndyMac Federal Bank. Since the nationalization of the bank, there has been a run on IndyMac Federal Bank. People are lining up to take their money out.

Banking expert Tom Davidoff had the following to say about the banking disaster:

“I don’t think this is the last bank we’re going to see fail. After all, a lot of banks are invested in mortgage-backed securities. Mortgage-backed securities have declined in value, and if they face a lot of cash needs on the part of depositors, we’re going to see more bank failures.”

So is this how our new government works? Now, we nationalize companies as they fail. Just wait until factories start to close, are we going to take over them as well.

How about churches? They benefit society, should we bail them out and nationalize them if they fail?

Democrats are already proposing nationalizing the oil industry.

We are paddling down a river towards the point of no return. The waterfall is near, and the current is strong. Will we make the right decisions, or plunge towards our own facist revolution?