 |
Nationalize the Banks Now...Before It's Too Late, Says Michael Parness, CEO of TRENDFUND.COM
2/17/2009
Michael Parness, the outspoken CEO of TrendFund.com, believes that the only logical and constructive plan for restoring the public's trust and saving taxpayers trillions of dollars, is to nationalize the banking system.
"Did you see the bankers squirming in front of the House Financial Services Committee? Nationalization is already underway as government funds and forces banks to merge with other banks and take over bank deposits, it's a police state in the financial sector," said Parness.
Why nationalize the banking system? Parness believes it will allow the government to cut out the middle man, guarantee all deposits, give out loans with lower rates and better terms and allow them to renegotiate mortgages. "Many banks are insolvent and surviving on borrowed monies, meaning the public's accounts. So to try to continue to maintain shareholder equity is foolish," added Parness.
The argument against nationalizing the banks is that it would wipe out a ton of shareholders. "That's true, but history has shown that those shareholders will likely be wiped out anyway. Look at Bear Sterns, AIG, Freddie and Fannie Mac. The Fed is trying to be all things to all people and support the system while propping up the stock market. But it is universally known that when the markets do not want government interventions or attempts to manipulate it, the shareholders are doomed."
"The more the government has intervened, the lower the stock market fell, and the worse things have gotten. A free market system means just that, the stock market needs to be allowed to fall to its proper level. The banks need to be nationalized immediately so we can move forward instead of backwards."
According to Parness, the argument that taxpayers will ultimately turn a profit on the toxic assets is absurd. "The assets are already up for grabs, if someone wanted them, they would have bought them. We've been fed this same lie time and again so the stimulus packages can pass. We were also supposed to make money on AIG and no one would even deign to suggest that will be reality now."
On Wall Street bonuses, Parness says it's not logical for any future bonuses to be paid, and believes that a strong case could be made that passed bonuses should be repaid. "The bonuses to these executives were based on how well these banks and brokerages did profit-wise. Since we now universally realize most of those profits were fiction, why are taxpayers on the hook while these people keep their millions and billions?"
In fact, one of the top culprits, according to Parness, is none other than Henry Paulson, former CEO of Goldman Sachs, and the former Secretary of the Treasury. "It's easy now for these CEOs to say they won't take any bonuses, or try to come off altruistic by offering not to take more than $1 until the company is profitable. They already have millions, if not billions stashed away, and are worried it'll be taken away. Don't believe the hype."
Michael Parness recently turned heads on Your World w/ Neil Cavuto on Fox News Channel by predicting that the market would go under 5,000 in 2009. In 2008, Parness nailed his market prediction, and while the market had its worst year ever, he had his best year ever as a trader. His new book Rule Your Freakin' Retirement (St. Martin's Press) will be out in March 09'.
A high school dropout, who once lived homeless on the streets, Michael Parness founded TrendFund.com in 1999 and it's the leading online trend-based advisory service for the individual trader. Parness has written Rule The Freakin' Markets and Power Trading/Power Living (St. Martin's Press).
www.trendfund.com
# # #
|
|
|
|
|
-Celsius Soon to Be Available in Most GNC Stores Nationwide
|
 |
-LA CIGALE: A TASTE OF THE MEDITERRANEAN CELEBRATES ‘BEAUJOLAIS NOUVEAU DAY’ NOV. 20th
|
|
-Coretomic Inc., the Interactive Contract Manufacturing Leader, Selects TransMedia Group to Publicize Its Interactive Solutions for Advertising Agencies
|
|
-A Brooklyn Premiere!
Literature with Pepperoni and Extra Cheese?
Mob Book Reading At Vinny Vella's Pizzeria
|
|
-WHICH CANDIDATE HAS THE ‘PERFECT’ SMILE, SENATOR OBAMA OR MCCAIN?
|
|
-Gold Coast Venture Capital Association Retains TransMedia Group to Publicize the Ultimate Networking Experience for South Florida Entrepreneurs and Investors
|
|
-Dynamic Anti-Aging Duo, DermaVio(TM), Retains TransMedia Group to Publicize its Internal/External Approach to Skincare
|
|
-TransMedia Group to Publicize Launch of 'Pet Tracks,' America's First Quick, Reliable, Inexpensive Service That Recovers Pets Lost or Missing
|
|
-Integrated Technology Corporate Solutions Inc. Selects TransMedia Group for Public Relations as it Plans to Solve Technology Woes of South Florida's Business Community
|
|
-Radio Talk Show Host Tim Kellis Engages TransMedia to Circulate His Prescription for 'Happy Relationships'
|
|
-Study Shows New Therapy Opens Blocked Fallopian Tubes, Returns Fertility Without Surgery
|
|
-ICE.com Will Rely on AlertSite's Monitoring Service for Busy Valentine's Day Rush
|
|
-Kerzen Candles Grand Opening in Boca may be Sign of What's in Store for South Florida from Free Trade Pact with Peru
Boca Mayor to Welcome in Spanish First Peruvian Retailer to Locate Here Since House Passed Trade Legislation Ribbon Cutting Set for 5 PM Friday, Nov. 30, at Mizner Park
|
|
-Outing the Watch! Watchcuff(TM) Retains TransMedia to Publicize First Major Design Innovation in Men´s Shirts in Centuries
|
|
-T-Rex Capital Acquires The Whiteface Lodge, Lake Placid's Premier Resort And Private Residence Club
|
|
-
McCormick & Schmick's Seafood Restaurant Selects TransMedia Group as PR Firm for Boca Raton Location
|
|
-
Latin CEO Summit To Feature Address by Antonio Mugica, CEO of One of Latin America's Largest Technology Companies, Smartmatic Group
|
|
-TransMedia To Publicize How Ciercus Systems Can Protect Against Mortgage Fraud Predicted To Exceed $1 Billion
|
|
|
| -Cenegenics Awards TransMedia Group International PR Account
|
|
|
|
