Posted on 02/16/2009 8:01:33 AM PST by Mr. Mojo
(CNSNews.com) – A Republican and a Democrat agreed on Sunday that the government may have to take a larger ownership stake in the nation’s banks. But the Republican lawmaker seemed to go even further than the Democrat in backing the idea of nationalization.
“Let’s talk” about nationalizing the banks, Rep. Maxine Waters (D-Calif.) said on ABC’s “This Week.” But she also said the nation is not ready to “move to the point of a formalized nationalized banking program yet.”
Rep. Sen. Lindsey Graham (R-S.C.), who appeared on “This Week” with Waters, said the nation’s banks are in so much trouble, “We’re going to have to do something that no one ever envisioned a year ago, no one likes.”
Graham said he would not drop the idea of nationalizing the banks:
“Yes, 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 -- 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...
Host George Stephanopoulos interrupted, “So what would you do now?”
Graham responded, “I -- I would not take off the idea of nationalizing the banks.”
Waters told Stephanopoulos that “the word ‘nationalization’ scares the hell out of people. And so the debate has been opened up now, and that's good. Let's talk about it.”
Water also noted that the U.S. government owns “more and more” of the banks, with Citibank “probably almost nationalized with the amount of money that we’ve put in. But I don't think that we are ready to move to the point of a formalized nationalized banking program yet,” Waters said.
“Even if it's the only thing that will work?” Stephanopoulos asked Waters.
“Well, we may get to that point, the California Democrat replied. “And I'm not opposed to that. But I think the discussion is just opening up. This is new for America.”
Sen. Chuck Schumer (D-N.Y.) told Stephanopoulos, “I would not be for nationalizing.” Schumer said the government is not good “at making these decisions as to who gets loans and how this happens.”
Schumer said he disagrees with a one-size-fits-all approach to the banking industry. While some banks may need capital injections, others may need to have bad assets taken off their balance sheets, he said.
“We're going to examine each bank that has trouble and see which policy meets their needs,” Schumer said. “Sometimes it'll be capital injections. Sometimes it'll be bad assets. Sometimes it'll be something else. That makes sense,” he said. Schumer also raised the idea of the Federal Reserve using its own capital to bolster the lending markets.
Republican Rep. Peter King of New York said that he and Schumer “are somewhat on the same page here on this. And Lindsey and Maxine are almost on the same page, which -- I don't know what this means about the world.”
“You may have to edit this program,” Graham joked.
“A new kind of bipartisanship,” host Stephanopoulos said.
Another example of why I detest Lindsay Graham.
Well, America had a good run.
I heard him say that and was totally disgusted. The Democrats were saying no to nationalizing the banks. I was in the twilight zone for a moment. And South Carolina voted this POS back in until 2014? What are they thinking??? One of the top five red states in the country and they can’t do better than him???? Let them all come out and say 1. There was not a better candidate or 2. We will get him next election...that RINO. It is time to get rid of these folks once and for all.
There must be special plumbing that delivers water from the Potomac directly to Graham’s DC residence.
Keep in mind...if Graham is for this- we can safely assume McCain is as well..and there will be more RINOS aboard.
Looks like a real goober in this pix.
I drink that water also. It is not the water.
Yeah, you're right. Let's just quit. We might have inherited a beautiful country that set the standard on freedom and prosperity and has provided millions here and elsewhere the opportunity to pursue their dreams, but things are getting a little difficult...let's just quit!
RINO alert!
OK, I spoke too soon on Grahm, get him off TV!
Is there a way SCarolinians can recall that buffoon?
These fools want to bring it back to life.
Well if Lindsay supports it that mean McCain does, too. It’s very likely McCain TOLD him to say that.
NO SOCIALISM!!!
Just sent my nasty email out to Graham’nasty.’ As futile as it is, it’s satisfying.
The bipartisan advance of socialism, despite it being a socio-economic system that has failed every time it has been tried.
Yep, that’s change we can believe in...couch cushion change.
And Lindsey Graham is a Republican because.....?
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