Posted on 03/31/2008 6:18:47 PM PDT by shrinkermd
The US Federal Reserve is examining the Nordic bank nationalisations of the 1990s as a possible interim solution to the US financial crisis.
... A senior official at one of the Scandinavian central banks told The Daily Telegraph that Fed strategists had stepped up contacts to learn how Norway, Sweden and Finland managed their traumatic crisis from 1991 to 1993, which brought the region's economy to its knees.
It is understood that Fed vice-chairman Don Kohn remains very concerned by the depth of the US crisis and is eyeing the Nordic approach for contingency options.
Scandinavia's bank rescue proved successful and is now a model for central bankers, unlike Japan's drawn-out response, where ailing banks were propped up in a half-public limbo for years.
(Excerpt) Read more at telegraph.co.uk ...
Let’s all chip in and buy an island somewhere...let’s start our own nation...I’m not kidding.
Only socialist systems nationalize the banks. Guess Norman Thomas, the ubiquitous American socialist, was right when he said Americans would never knowingly vote for socialism, but socialism would creep into power despite them.
Nooooooooo!!!!
The communization of the late, great America has begun.....
We don’t have a BANKING problem. We have a CREDITs problem.
Banks aren’t (for the most part) holding the bad paper. Hedge funds, foreigners, investment banks (not banks in a proper sense) and speculators are holding it.
Don’t bail out the wrong industry, folks.
Jeez, what stupidity.
Hedge funds and others borrow from banks; hence, big loans result in big problems for the banks.
If one believes Bible prophecy, the move to a one-world government, increase of wickedness, and total failure of world economic systems.......leading up to the return of Christ and the appearance of the anti-christ, then that means that the good old U.S. of A. will go slurping down the tubes, as well; no matter how much we hate to see it happen. So if we wind up with the likes of John McCain at the controls, that’s just another indicator of what’s taking place.
First, all Hedgies need to lose all their money. Next, each bank that loaned too much money needs to have their equity decremented accordingly, probably wiping out some of them. That will discipline the markets.
Then, when a bank is wiped out, pay off the insured depositors, and sell the remaining hulk to the highest bidder, a la the S&L crisis.
I'm sick of people (hedgies, banks, investment banks, etc.) taking all the upside outcomes and none of the downside. Let them lose their shorts, live in a trailer, and work at a Walmart.
Everyone got too greedy, too narrowly invested, and too leveraged. Let's make sure this is a lesson for the ages: these people need to be put directly into the poor house. Otherwise, we'll only get more of the same.
Which will be easy with -1.75% real interest rates. Thanks Ben Dover Bernanke!
Uncle Sam, thanks but no thanks. We don’t need more Federal control of ANYTHING except our sovereign borders!
F___ the Fed and the hounds of hell who created it.
Well said.
Pritchard is usually pretty well spooled up but here he omits to mention that the fricking Fed can study the Scandahoovian banks until it reaches a permanent state of high orgasmian anticipation, but nothing is going to happen unless and until the geniuses in Congress are willing to drive their comical approval ratings into single digits during an election year. Taxpaying Americans are already enraged by the measures taken already by Mr. Bendover - more of the same from Congress is unlikely, unless it seriously punishes the hedgies and their banker buttboys.
I was talking with someone about this yesterday. They recommended this book and said it is a MUST READ regarding the Federal Reserve, and it will send a chill down your spine, “The Creature from Jekyll Island: A second look at the Federal Reserve”. Here’s an transcribed interview with the author.
http://www.financialsense.com/transcriptions/2006/1018griffin.html
Such a bad idea, I don’t even know where to begin.
Once the Fed shows it can sieze that much capital, NO property is safe. Anywhere.
This is, and should remain, the final bastion against socialism.
I tremble at the thought of what might occur at the hands of a dim congress (with 60 votes in the Senate) combined with the Obamination in the White House.
We're a couple of elections and a USSC Justice away from complete serfdom.
The Creature from Jekyll Island: A Second Look at the Federal Reserve (Amazon link)
Bombs away.......and *pop* goes the value of the dollar in the process...works like a charm...every time!
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