OT: nationalization of american banks?

[uki]

wow. seems greenspan has the solution to the problem...

The US government may have to nationalise some banks on a temporary basis to fix the financial system and restore the flow of credit, Alan Greenspan, the former Federal Reserve chairman, has told the Financial Times.

In an interview, Mr Greenspan, who for decades was regarded as the high priest of laisser-faire capitalism, said nationalisation could be the least bad option left for policymakers.

”It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring,” he said. “I understand that once in a hundred years this is what you do.”

Mr Greenspan’s comments capped a frenetic day in which policymakers across the political spectrum appeared to be moving towards accepting some form of bank nationalisation.

“We should be focusing on what works,” Lindsey Graham, a Republican senator from South Carolina, told the FT. “We cannot keep pouring good money after bad.” He added, “If nationalisation is what works, then we should do it.”

Speaking to the FT ahead of a speech to the Economic Club of New York on Tuesday, Mr Greenspan said that “in some cases, the least bad solution is for the government to take temporary control” of troubled banks either through the Federal Deposit Insurance Corporation or some other mechanism.

The former Fed chairman said temporary government ownership would ”allow the government to transfer toxic assets to a bad bank without the problem of how to price them.”

man this keeps getting better every single day...

full article... http://www.ft.com/cms/s/0/e310cbf6-f...nclick_check=1

[SimonM]

Yes! Nationalize the banks! Nationalize the industries! Workers of the world unite, you have nothing to lose but your chains!!!

thank you.

[uki]

Workers of the world unite, you have nothing to lose but your chains!!!

the chains will become shackles.

[SimonM]

Just because some jerks have used Marxist rhetoric to obfuscate the crap they do does not mean that there is no validity to Marx. Looks like Greenspan may have figured this out... too bad it's too little too late.

[David Jamieson]

Simon you are such a commie.

[SimonM]

Yup, I am.

[uki]

Looks like Greenspan may have figured this out... too bad it's too little too late.

all part of the plan... america was never mean't to get out of debt.

[SimonM]

That's right Uki. It's not the reptoids you have to watch out for...

It's the soviet union.

That's right, the fall of communism was a ruse designed to lure the decadent west into a false sense of security.

Mikhail Gorbachev, Boris Yeltsin, Vladimir Putin and Dmitri Medevev are the secret cabal behind all that happens in the world.

Starting from the "democratization" of Russia they injected Russian gas and oil into the markets, destabilizing them.

Meanwhile their sleeper agents in the USA, Alan Greenspan, Barack Obama and most of the bankers on Wal Street (fun fact, all soviet "defecters") arranged a financial collapse so that when things looked bleakest...

BANG!

The Soviet Socialist States of America.

Now it is in it's end-game and I, a deeply initiated member of the communist cabal am allowed to tell you this as it is too late to avert it.

[1bad65]

This will not end well.

Isn't nationalisation what people like Hitler, Stalin, and Mussolini did?

[uki]

That's right Uki. It's not the reptoids you have to watch out for...

It's the soviet union.

That's right, the fall of communism was a ruse designed to lure the decadent west into a false sense of security.

Mikhail Gorbachev, Boris Yeltsin, Vladimir Putin and Dmitri Medevev are the secret cabal behind all that happens in the world.

Starting from the "democratization" of Russia they injected Russian gas and oil into the markets, destabilizing them.

Meanwhile their sleeper agents in the USA, Alan Greenspan, Barack Obama and most of the bankers on Wal Street (fun fact, all soviet "defecters") arranged a financial collapse so that when things looked bleakest...

BANG!

The Soviet Socialist States of America.

Now it is in it's end-game and I, a deeply initiated member of the communist cabal am allowed to tell you this as it is too late to avert it.

very nice. you're getting there ole boy.

[SimonM]

Rotflmfao!!!!!

[David Jamieson]

This will not end well.

Isn't nationalisation what people like Hitler, Stalin, and Mussolini did?

Man, how old are you? Why is your world so black and white? Why do you bother with WW2 references when you ahve plenty of examples in the world right now. I don't know if you noticed, but this problem is a global problem and stems from unregulated capitalism and not from other forms of governance.

It was capitalists who packaged up lies and bad deals with other products and distributed them out over a wide array that in turn caused the collapse of the banking system in virtually every corner of the world.

It wasn't hitler stalin and mussolini and don't forget, Stalin was an Ally and not an enemy.

[uki]

*starts munching the popcorn again*

[Faruq]

I'm not happy about the nationalization of commercial banks, but would nationalization of the Federal Reserves be bad? I don't know who's telling the head of the Federal Reserve what to do now, but I don't think our government printing and controlling the supply of currency out there would necessarily be all bad.

[1bad65]

I'm 37.

Right is right, and wrong is wrong. I've asked repeatedly for someone to show JUST ONE example of government social spending ending a recession or depression. No one has. Yet I've shown where Reagan and JFK (A Democrat) both ended recessions with massive tax cuts.

You want a current country? Ok. Cuba has nationalized banks. You want that here? You want the average American to live on like $260/month like the average Cuban does?

And it was not capitalism that failed here. It was government intervention. Government, through the CRA, FORCED banks to make bad loans. Then government backed the bad loans! The housing mess is the root of the mess we are in now.

And Stalin was only an ally because of a common enemy. He needed us and we needed him. Look at what happened to Eastern Europe after WWII. It was Stalin who took over those countries and looted them, it was the West who condemned him and formed NATO to stop the FORCIBLE expansion of the Soviet Bloc.