Fascism Update : Bank America Forced To Buy Merrill Lynch

This might be a short post-- with a lot of typos and scant references. I work a lot online and it seems like four or five major government crimes or proposed crimes pop up each day.

I consider the word Fascism, to best describe the current flavor of our government.

"Other than nationalization of certain industries, private property was allowed, but property rights and private initiative were contingent upon service to the state.[154] For example, "an owner of agricultural land may be compelled to raise wheat instead of sheep and employ more labor than he would find profitable."[155] According to historian Tibor Ivan Berend, dirigisme was an inherent aspect of fascist economies.[156] The Labour Charter of 1927, promulgated by the Grand Council of Fascism, stated in article 7: "The corporative State considers private initiative, in the field of production, as the most efficient and useful instrument of the Nation", then goes on to say in article 9: "State intervention in economic production may take place only where private initiative is lacking or is insufficient, or when are at stakes the political interest of the State. This intervention may take the form of control, encouragement or direct management."[citation needed]

Fascists thought that private property should be regulated to ensure that "benefit to the community precedes benefit to the individual."[157] They also introduced price controls and other types of economic planning measures.[153]"

In order to understand this one needs to think about the nature of government power. The state, as we know has no money assets apart from the property and lives of it's citizens. What it does have is the ability to use force.

Our founders knew and feared this power and aimed it to be used to defend the lives and property of it's people against state or criminal aggression and to act as an impartial arbiter in legal disputes. The whole purpose and design of the Constitution was to do this.

Fascist's, like all collectivist's see the state as an end in itself that should not be restrained by law or any kind of absolute truth. Anything the leader or gang in charge want to do at any given moment is the law. They always know best. In a state in like this, it matters very little who technically owns anything since everyone does what they are told. Property becomes an illusion.

Here is an example of Fascism in action. And yes it happened during the Bush Administration.

"NEW YORK -- Federal Reserve Chairman Ben S. Bernanke and former Treasury Secretary Henry M. Paulson Jr. threatened to remove the management and board of Bank of America unless it acquired ailing investment house Merrill Lynch late last year, according documents released today by New York State Attorney General Andrew Cuomo."

Bank America had foolishly jumped at the chance to buy what it thought was cheap company, but was still in a period when it could back out of the deal, legally, if Merrill's numbers were much worse than expected--- which they were.

In steps Paulson to say, in effect-- it's an emergency and we are in charge -- the law and your shareholder's rights don't matter anymore.

"On Dec. 21, after Lewis told Paulson the bank still wanted to exit the merger, Paulson told Lewis its management and board would be replaced if the bank were to invoke the material event clause.

Secretary Paulson's threat swayed Lewis, Cuomo said in the letter.

According to Secretary Paulson, after he stated that the management and the Board could be removed, Lewis replied, 'that makes it simple. Let's deescalate,' " the letter states. "Lewis admits that Secretary Paulson's threat changed his mind about . . . terminating the deal."

Cuomo said Paulson has told him he made the threat at the request of Bernanke."