Greenspan backs bank nationalisation [joins Graham, McCain, Obama, and others] [Socialist agenda]

Financial Times ^ | 2009-02-18

[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.

[Road Warrior ‘04]

Has Mrs. Greenspan given her two-cents yet?

[Airwinger]

“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.

[ZULU]

Greenscrew was one of the most overrated guys in the American political arena. He shares a spotlight with that other GENIUS Kissinger.

[SisterK]

For his entire career (decades!) Greenspan has been maneuvering us towards nationalizing the banks. He is a communist from way back.

[MathDoc]

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.

[DBrow]

"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".

[KoRn]

Yes....

We are SO screwed......

[kenavi]

When the gov’t 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.

[PGalt]

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

[Religion and Politics]

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.

[Shermy]

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.

[reasonisfaith]

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.

[madison10]

I’m good. We’re now on the poorer end of things since my husband retired.

[RedMonqey]

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?

[Toddsterpatriot]

Still confused about how the Fed creates money?

[wastedyears]

A pox on their houses? Somebody has got to fight back.

[RedMonqey]

of course spams organs are a bit out of date...

Let's go to Andrea Mitchell and ask her personal opinion.

[WhoisAlanGreenspan?]

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?

[Rodm]

666

Count down to Jesus Coming and the Great Tribulation!

10...9...8...

[techno]

Mr. Andrea Mitchell already has spoken.