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Greenspan backs bank nationalisation [joins Graham, McCain, Obama, and others] [Socialist agenda]
Financial Times ^
| 2009-02-18
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 Greenspans 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 ...
TOPICS: Breaking News; Business/Economy; Government
KEYWORDS: alangreenspan; bank; banking; banks; biggovernment; bushbailout; federalreserve; financialcrisis; marxism; nationalization; panicof2009; porkulus; rats; rinos; socialism; socialistagenda
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To: rabscuttle385
Has Mrs. Greenspan given her two-cents yet?
41
posted on
02/17/2009 6:32:28 PM PST
by
Road Warrior ‘04
(I'll miss President Bush greatly! Palin in 2012!)
To: rabscuttle385
“may have to nationalise some banks on a temporary basis”
When, O when, has the US gob’ment done anything on a temporary basis, unless of course you count reducing taxes.
42
posted on
02/17/2009 6:38:15 PM PST
by
Airwinger
(Semper Fi, Time to use that motto for our Constitution.)
To: rabscuttle385
Greenscrew was one of the most overrated guys in the American political arena. He shares a spotlight with that other GENIUS Kissinger.
43
posted on
02/17/2009 6:39:14 PM PST
by
ZULU
(The Obamanation of Desolation stands here. Non nobis, non nobis Domine, sed nomini tuo da gloriam.)
To: Shermy
For his entire career (decades!) Greenspan has been maneuvering us towards nationalizing the banks. He is a communist from way back.
44
posted on
02/17/2009 6:39:38 PM PST
by
SisterK
(building an underground economy one brick at a time)
To: rabscuttle385
Greenspan backs bank nationalisation Go ahead, socialists - it will fail, hopefully sooner rather than later. My guess is the more money you dump into poorly managed banks, the more customers will jump ship. I already left my TARP bank, and today I saw three new customers at my new (local) bank - all coming from TARP banks. I hope and pray that patriots will vote with their feet, so that perhaps we won't have to go to greater extremes to take back our country. Please boycott Bank of America and all TARP banks. Please boycott GM and all bailout manufacturers. Please use what's left of the free market to force these socialists to respect the free market. Please.
45
posted on
02/17/2009 6:40:42 PM PST
by
MathDoc
(If there ever was a time that Obama looked like an amateur, it's right now.)
To: rabscuttle385
"The US government may have to nationalise some banks on a temporary basis "
On Meet the Press I forget who Gregory was talking to, but the question was, will you nationalize banks? And the answer, three times, was "our long term goal is to have private banks".
46
posted on
02/17/2009 6:41:33 PM PST
by
DBrow
To: rabscuttle385
Yes....
We are SO screwed......
47
posted on
02/17/2009 6:45:16 PM PST
by
KoRn
(Autumn Has Come To The Tree of Liberty)
To: CapnJack
When the govt nationalizes the few big banks, guaranteeing their solvency, where do you think people/business will put their money?
The U.S. government did this before, under Pres. Reagan.
It means the CEO who got the bank into the mess gets kicked out. The government then auctions off the bank with partial government guarantees to the highest private bidder. The shareholders of the other banks pressure their Boards to do this themselves before the government comes in.
48
posted on
02/17/2009 6:45:24 PM PST
by
kenavi
(Want a real stimulus? Drill!)
To: rabscuttle385
Al, your an idiot. We need decentralization including credit unions and grandpa's mattress to allow free markets and individuals to right our economic problems, not more centralized power.
The supremacy of finance capital over all other forms of capital means the predominance of the rentier and of the financial oligarchy; it means that a small number of financially powerful states stand out among all the rest. The extent to which this process is going on may be judged from the statistics on emissions, i.e., the issue of all kinds of securities. - Vladimir Ilyich Lenin
49
posted on
02/17/2009 6:46:50 PM PST
by
PGalt
To: madison10
Once the government owns the banks, then there will be no reason to pay the mortgage. At least as long as you make less than $75k a year.
To: SisterK
I see him as the person who did everything to have finance be the least regulated industry in America.
The guys who invent money.
But if you print money, that’s called counterfeiting.
51
posted on
02/17/2009 6:54:48 PM PST
by
Shermy
("The whole world has financed the United States, ...they have a reciprocal debt with the planet.")
To: rabscuttle385
So we have McCain doing his absolute best to help establish the very system which held him captive, and supposedly had him tortured, during the Vietnam war.
52
posted on
02/17/2009 6:55:17 PM PST
by
reasonisfaith
(Liberals have neither the creativity nor the confidence to understand the truth of conservatism)
To: Religion and Politics
I’m good. We’re now on the poorer end of things since my husband retired.
To: rabscuttle385
The US government may have to nationalise some banks on a temporary basis
When does any government bureaucracy do anything on an a temporary basis?
54
posted on
02/17/2009 6:55:27 PM PST
by
RedMonqey
(Arm yourself if you must. For your enemies surely will.)
To: Travis McGee
Still confused about how the Fed creates money?
55
posted on
02/17/2009 6:57:07 PM PST
by
Toddsterpatriot
(Havoc has been back since September. Or was it April?)
To: madison10
A pox on their houses? Somebody has got to fight back.
56
posted on
02/17/2009 7:00:33 PM PST
by
wastedyears
(April 21st, 2009 - International Iron Maiden Day)
To: databoss
of course spams organs are a bit out of date...
Let's go to Andrea Mitchell and ask her personal opinion.
57
posted on
02/17/2009 7:00:42 PM PST
by
RedMonqey
(Arm yourself if you must. For your enemies surely will.)
To: Shermy
Or perhaps, he sold out long ago.
His interest, your interests, and mine, converged at a point in time. Not unlike a P&L statement. A fleeting point in time where those in the know already made their move. Pocketing that silver.
Greenspan is just another example of a higher ranking insider who somehow does well for himself, and proves in the process he has always worked for a higher priority than his own country.
Any bum off the street can do that. Why do we glorify these self centered people?
To: rabscuttle385
666
Count down to Jesus Coming and the Great Tribulation!
10...9...8...
59
posted on
02/17/2009 7:04:01 PM PST
by
Rodm
(Seest thou a ,,diligent in his business? He shall stand before kings)
To: RedMonqey
Mr. Andrea Mitchell already has spoken.
60
posted on
02/17/2009 7:05:21 PM PST
by
techno
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