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Dick Bove: US banks have been 'nationalized'

A transportation bill in Congress has put the U.S. well on the road to socialism, Dick Bove said Monday.

The bipartisan Senate bill, announced in July, would cut the dividend paid by the Federal Reserve to banks each year from 6 percent to 1.5 percent, and the difference would go toward funding highway projects

"The government has taken the position that, because they offer FDIC insurance, they have the right to invade banks," Rafferty Capital Markets' vice president of equity research told CNBC's "Squawk Box."

"Unfortunately, I believe the banks have been nationalized; I...


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