The People's Banking System

Larry Kudlow is arguing that the Obama administration is now seeking to gain actual control of banks, or at least a substantial voting role:

White House and Treasury officials are now talking about turning government TARP loans into common stock for the 19 biggest banks. It’s clearly a backdoor path to nationalization, as Uncle Sam would be the largest shareholder in these institutions. What’s more, it’s not at all clear that the administration will even let certain banks pay down their TARP loans.

Some of us have been saying that for a while.