Yesterday, Treasury Secretary Henry Paulson announced that the government would not be buying troubled bank assets, as was the original intent of the $700 billion bailout when it was sold to the American people and congressional Republicans. Instead, the fed will be using the money to buy shares in the troubled banks.
Sec. Paulson said the change in direction is designed to provide much needed cash to the banks. In reality it's nothing more than the nationalization of a portion of the U.S. banking industry. Something congressional Republicans and moderate Democrats would not have supported had Paulson informed them that that was his true intent.
To an effort to further transform the U.S. from a capitalist democracy to a socialist one, Nancy Pelosi and top Democrats, which includes President-Elect Obama, are moving forward with a bailout plan for U.S. automakers. In the plan, the big 3 will be given government loans in exchange for shares in the companies. If approved, the plan will nationalize the American auto industry.
In both cases the shares of stock the government will receive are to be classified as voting share stock. This gives the government special voting and veto rights on business decisions made by the companies.
In an effort to offload pension and labor obligations onto taxpayers, labor unions like UAW and giant corporations like GM and GE are also pushing hard for the federal government to nationalize the health care industry. While it's true that there needs to be some major reforms in the troubled sector, nationalization is the least likely to succeed option. In Canada and the U.K., nationalized health care had the unforeseen affect of dramatically driving up costs and creating very long waits for services as people who once moterated their use of the health care system flocked to providers to partake in the now "free" services. 
The socialist reforms feared by many of those who opposed an Obama presidency are coming far faster than anyone could have possibly imagined. By the time President Obama takes office on January 20th, 2009, two major industries in the U.S. will likely be partially nationalized, a move that goes far beyond 'spreading the wealth'. By the time he leaves office, how many more industries will the government have its grubby little hands in?