Barack Obama has not even been officially elected president yet, but socialism American-style is on the march.

In a momentous development that went unnoticed, I suspect, by 95 percent of Americans, Treasury Secretary Henry Paulson Jr. last Monday effectively nationalized the nation's nine largest banks at a potential taxpayer tab of $2.25 trillion. Yes, that's on top of the paltry $700 billion bailout approved by Congress and President Bush.

Excuse me? Were you consulted? Do you recall having a national debate about this? Did your congressional representatives poll you on whether you liked this idea? Dare I ask, where would such a move be authorized in the U.S. Constitution? Or has America completely moved away from the idea of the rule of law and the will of the people being the key determinants in our supposedly self-governing society?

It's an amazing story – I suggest one of the biggest of my lifetime. Yet, where was the press? Have the American people been reduced to mere sheep to be herded in any direction Washington determines before, ultimately, being led to slaughter?

I am heartsick about the way Americans are allowing their precious freedom to be stolen – without a whimper of protest let alone rebellion.

And, keep in mind, all this is happening before what is beginning to look like the inevitable election as president of a lifelong socialist.

Worse than the lack of coverage of the biggest bank heist in history by the Big Media, I have to tell you how disappointed I am in the lack of coverage this story has received even among usually reliable talk radio.

It is as if this "take-it-or-leave-it offer" by the Bush administration to the banks never happened.

Let me ask you a question: If the federal government can do this to the biggest financial institutions in the country, do you really think your property is safe? Have you thought about that? If this can happen to the nine largest banks in America, how much attention do you suppose you would get if some Washington bureaucrat victimized you?

Here's the way this shakedown happened: Nine chief executive officers were summoned to a Treasury Department conference room, handed a one-page document agreeing to sell shares to the government and told to sign it. There was no option not to sign.

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Some of them were happy to do it. Don't think for a minute that socialism is necessarily a bad deal for big corporations. They worked hand in hand in Nazi Germany and fascist Italy. And that's the brand of socialism currently taking over America – and much of the rest of the world.

Others, among the CEOs, however, were less than thrilled. Richard Kovacevich, chairman of Wells Fargo, protested. He explained that his bank was in good shape and not asking for any bailout. None of that mattered. Government was going to use all of its coercive powers on this day. And the protests quickly faded, before the ink was dry on the plan to nationalize the country's biggest banks.

Why were the bankers willing to go along?

Paulson explained it best: "I don't think there was any banker in that room who was going to look at us in the eye and say they had too much capital. In a relatively short period of time, people came on board."

How did Paulson and Bush justify this outrageous, illegal action?

The next day, Paulson expressed "regret" for the actions. He said government investments in private banks were "objectionable" but necessary.

Maybe you thought the bailout plan called only for the government to buy up troubled assets from the banks, rather than actual ownership. Indeed, that is what was sold to the American people in the hastily approved deal that was promised to bring stability to U.S. markets. However, the dealmakers changed their minds. They decided, after telling the American people one thing, to do something else.

They unilaterally made the decision to follow the lead of other nations, including once-Great Britain, to buy up bank stock instead.

Suffice it to say, America shouldn't be following. It should be leading.

However, maybe those days are over.

If you didn't think things could get any worse, just wait until Jan. 20.

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