TAKING A CUE FROM OBAMA, CHAVEZ STARTS TO SEIZE BANKS

FT:

Venezuela's socialist government has closed two private banks, a day after Hugo Chávez, president, said he would have "no problem" nationalising banks that failed to lend to the poor.

... The owner of the four banks, Ricardo Fernandez Barrueco, who is believed to have amassed one of the largest fortunes in the oil-rich country in recent years, once enjoyed close relations with the government. But he is in police detention charged with breaking banking laws. The Venezuelan attorney-general also barred 16 of the banks' executives from leaving the country.

... "You want me to nationalise the banks?" asked Venezuela's populist leader during his weekly television show on Sunday. "I have no problem with that because the banks don't want to extend credit to the poor."

SINCE 1976, THE CRA AND FANNIE MAE - WITH ACORN AS A DE FACTO ENFORCER - DID IN THE USA WHAT CHAVEZ IS DOING DOWN IN VENEZUELA: FORCE THE BANKS TO MAKE BAD LOANS.

IT'S SOCIALISM.

IT'S BAD BUSINESS.

ITS CREATES BUBBLES.

IT'S WHAT INFLATED THE HOUSING BUBBLE HERE - AND LEFT US TAXPAYERS HOLDING THE BAG.

WITH OBAMA DOING THIS KIND OF CRAP UP HERE; THE USA CAN HARDLY ATTACK CHAVEZ FOR DOING IT THERE.

THE ONLY BENEFIT IS THAT MORE PEOPLE WILL SEE OBAMA FOR WHAT HE IS: ANOTHER CHAVEZ.