The funny thing is that what he said will happen just did happen. The government just bought everyone out and owns everything this recent Bailout covers...
Scary but true...but when the government calls in all the debts they own what will happen to those people? Technically they will be in bondage to the government and have no right to their own property, whether intellectual or material, if your in debt to the country you own nothing, They own it for you.
Just another way for them to use the masses as sheep and profit generators...