Now, from my understanding, common stock owners have voting rights, and the prices fluctuate with the economy, rather than staying at a fixed rate (preferred stock.) Preferred stocks have less of a voting right (as far as electing board of directors and such) but also have a fixed rate. By turning all preferred stock into common stock, it allows for the companies frozen capital to be used, instead of having it ready to pay back the preferred stock owner's investments. If what I believe is true, it seems moderately fascist. To call Obama a socialist is ignorant. Personally, I hate him, but just because everyone is saying he's a socialist doesn't mean it's true. What I find to be the most surprising thing is how Obama is dealing with the banks under the TARP. A bunch of banks attempted to repay the money that they owed (from the Bush administration) but Obama refused to accept these funds. Therefore, he would be able to control the banks (much like FDR did.) Being a republican, of course I have a biased view (even though i believe laissez-faire is a little too conservative.) But, Obama is no socialist. Sure, he has socialist ideas, but so does everyone. Again, we'll have to wait and see how it goes. So far though, I don't like the 3.8 trillion dollars that I'm going to have to pay off.