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Posted on 02/17/2009 5:48:34 PM PST by rabscuttle385
BY KRISHNA GUHA & EDWARD LUCE
Washington. 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 with the FT 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.
(Excerpt) Read more at ft.com ...
A pox on their houses.
Well...if you can’t lick, join em!
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These are the people that caused this mess. Why should we believe they know how to fix it. Unless, of course, “the fix” is in and they know exactly what they are doing.
Coolidge is underrated.
So this now makes sense as to why he allowed the easy credit when he knew all along the end results.
The forced march towards Socialism continues.
May God save the Republic.
The customers are running the psychiatric facility.
if this were China greenspams family would be being billed for his untimely demise...BTW did you read about Chinas traveling execution vans complete with organ harvesting capability? of course spams organs are a bit out of date...
“Greenspan backs bank nationalisation”
Was I supposed to be surprised at this “news”!?
#5 of the Communist Manifesto!!
When the govt puts money into them and then tells them to go out and lend..and limits exec pay..I guess the govt already owns them.
10 Planks of the Communist Manifesto
1. Abolition of property in land and application of all rents of land to public purposes.
2. A heavy progressive or graduated income tax.
3. Abolition of all right of inheritance.
4. Confiscation of the property of all emigrants and rebels.
5. Centralisation of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.
6. Centralisation of the means of communication and transport in the hands of the State.
7. Extension of factories and instruments of production owned by the State; the bringing into cultivation of waste-lands, and the improvement of the soil generally in accordance with a common plan.
8. Equal liability of all to labour. Establishment of industrial armies, especially for agriculture.
9. Combination of agriculture with manufacturing industries; gradual abolition of the distinction between town and country, by a more equal distribution of the population over the country.
10. Free education for all children in public schools. Abolition of children’s factory labour in its present form. Combination of education with industrial production, &c., &c.[6]
When they empty all our accounts, then what?? Kool Aid party for the entire USA??? Zero’s Army will attend like Jim Jones did to ensure everyone drinks.
Seconded.
All in favor?
Government intervention helped create this mess, and government intervention will not fix this mess. Socialism will never work.
And where will all this new money come from?
I see all the non-nationalized banks going under due to runs on them so the money can be moved to the gov’t banks.
Then, the new gov’t banks will control all the people's/businesses money. A neat little plan don't you think.
And when was the last time the gov’t “...temporarily...” did something?
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