Robert Hurley

Posts tagged with "Bank Nationalization"

from Business Insider: Alan Greenspan jumps on Bank Nationalization Bandwagon

Thursday, 26. February 2009, 06:56:27

Capitalism, Bank Nationalization, Alan Greenspan, Free Market ...

Look: under normal circumstances, I'm not necessarily for nationalization of assets, but years (decades?) of greed and mismanagement have pushed the issue to this point. If the rich believed in the virtue of the Free Market, they could have tempered their rampant avarice a little...

The right solution to the banking crisis--temporary nationalization--finally seems to be taking hold among those who have the power to implement it.

Over the weekend, Senator Lindsey Graham said he favored nationalization because he didn't want to throw good money after bad. Yesterday, Obama seemed to suggest that he now favors a more "bite the bullet" approach than the one used in Japan (and, thereby, the one his own Tim Geithner is planning). And now Alan Greenspan has jumped on the bandwagon.

More "Galloping Socialism"...

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GOP Sen. Lindsey Graham Says the Option of Nationalizing Banks Should Be on the Table

Monday, 16. February 2009, 07:56:42

Senate, GOP, Bank Nationalization, economy ...

A year ago, it would have been unthinkable: Sen. Lindsey Graham advocating a government takeover of private banks -- but that is exactly what he suggested today.

"I would not take off the idea of nationalizing the banks" from the table, Graham, R-S.C., told George Stephanopoulos on ABC's "This Week" program

"This idea of nationalizing banks is not comfortable, but I think we have gotten so many toxic assets spread throughout the banking and financial community throughout the world that we're going to have to do something that no one ever envisioned a year ago, no one likes," Graham said. "But, to me, banking and housing are the root cause of this problem. And I'm very much afraid that any program to salvage the bank is going to require the government.."