OFFLINE

WIKIPEDIA BIO  http://004eeb5.netsolhost.com/hc133.htm

  http://en.wikipedia.org/wiki/Herman_Cain

Originally Posted by Rex Foster:

One article on Cain's comments regarding auditing the FED   http://004eeb5.netsolhost.com/hc133.htm

OFFLINE

I saw one video of him speaking and was impressed. He speaks well and with conviction. Lately I have heard much good about him until I learned of his past service with the Federal Reserve Bank, and that did set off some alarm bells. Being a believer in the free market I am naturally fearful of any such group as the Fed.

And then there was a remark in the essay above, he made that also gave me pause:

Wake up people! Owning a part of the major banks in America is not a bad thing. We could make a  PROFIT  while solving a problem.
I seem to recall that we were going to make a profit by bailing out General Motors...That went very far south.

But the mainstream media and the free market purists want you to believe that this is the end of capitalism as we know it. It is not for several reasons that they have conveniently not explained.

First, instead of buying toxic mortgage-related assets of banks as originally proposed, the Treasury has changed tactics and will buy equity positions called preferred stocks, which gives us as taxpayers an ownership stake in their success for a limited period of time.

Preferred stock means we get paid a dividend before any other stockholders get paid a dividend when they make a profit. You got a problem with that?
Again, back to General Motors...The Preferred stock holders did indeed get paid before the other stockholders, but not before the unions was paid and paid and paid.
For the moment I shall reserve judgement on Herman Cain