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 ...
Would you have voted for McCain if you knew that he would soon favor the nationalization of banks?
Meanwhile, GM is asking for an additional $30B, bringing their bailout total to $47B, even though they’re only worth $30B (liquidated), with a market cap of $1.5B. Go figure.
I’d argue that Barney Frank should be hanged, but he’d probably enjoy that.
Let us resolve never to forget where RINO logic and McCain’s timidity has gotten us: Obama, economic socialism, socialized medicine, and a loss of individual liberty.
No, but give them points for creativty.
Who? How? We are so civil, restrained, and cornered.
And you are fast on your way to proving my statement. With enough populist idiocy, you'd see it fufilled to the letter. We are a bit shy of that level of idiocy, and may well avoid the scramble for the soup cans. No thanks to you or anyone like you, though.
People, you need to do your homework. Freepers have a way of just being stupid . . . What is nationalization? What was it in Sweden? What was it for WAMU? It can be and it should be bankruptcy and federal receivership. Then privatization. That’s what bankruptcy is. Do freepers really support the current system (created by Bush) of giving the banks taxpayer money, taking preferred stock and telling them what they can and can’t do? That’s socialism—or fascism. I say nationalize them. Bankrupt them—they are bankrupt. Wipe out the share holders and bondholders. Quit propping them up. Put the remainder back into private hands—secured creditors or the highest bidder. The Japanese bank zombie path is a proven failure. Think people, think!
SURE he does hes a member of the trilatteral commision..and wants this new world order...if there was any good investigative reporter out there they would look into how all these banks went under all at the same time....something fishy to me is going on....the billdergurgs illuminatti tri lat all want this new world order...they want the gov to own the banks...they want to control ur money...
Greenspan is a senile old man.
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
It's always amusing to hear you Keynsian Cornucopians tell us to hold the course as we're hitting the iceberg.
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."
-~~Ludwig Von Mises
Central Planning says we’re almost there.
(groan)
Tough times for you banksters, ain't it Jason?
"I'd like to see mainstreet try to live for 6 months without financiers directing their activities. They be reduced to shooting each other over the last can of campbells."
5 posted on Saturday, October 04, 2008 3:38:33 PM by JasonC
"The logic of the conspiracy theorists in this regard is, of course, impeccable: Goldman alumnus Josh Bolten runs the White House, while his former boss, Hank Paulson, runs the Treasury. They both speak regularly to former Treasury Secretary Bob Rubin, now over at Citigroup, who ran Goldman before Paulson and who keeps Paulson and Bolton dangling like puppets on a string. They all supposedly touch base with the heads of the Italian and Canadian central banks—both Goldman alumni—and with Robert Zoellick, head of the World Bank, ex Goldman. What's more Paulson is now getting his advice on how to handle the crisis from Ken Wilson, the recently retired Goldman partner and financial-institutions M&A banker, who Paulson just recruited to Washington to help him out. Already at Treasury were Goldman alumni Dan Jester, Anthony Ryan, David Nason and Bob Hoyt, the department's general counsel. And—the conspiracy crowd can't help but point out—Neel Kashkari, 35, a former vice-president at Goldman who Paulson recruited as assistant secretary of international affairs in 2006, has just been appointed—by Paulson—to run, on an interim basis, the new $700 billion bailout fund."
~~William Cohan, "Does Goldman Sachs Really Rule the World?" October 2008
“Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”
~~President Andrew Jackson, on the 2nd National Bank
"Give me control of a nation's money supply, and I care not who makes the laws."
~~Mayer Amschel Bauer Rothschild (1744 -1812), Godfather of the Rothschild Banking Cartel of Europe
Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money.
~~Sir Josiah Stamp, in1927 the 2nd richest man in England, and former head of The Bank of England
"The crisis of the abuses of banking is arrived. The banks have pronounced their own sentence of death. Between two and three hundred millions of dollars of their promissory notes are in the hands of the people, for solid produce and property sold, and they formally declare they will not pay them. This is an act of bankruptcy, of course, and will be so pronounced by any court before which it shall be brought. But cui bono? The laws can only uncover their insolvency, by opening to its suitors their empty vaults. Thus by the dupery of our citizens, and tame acquiescence of our legislators, the nation is plundered of two or three hundred millions of dollars, treble the amount of debt contracted in the Revolutionary war, and which, instead of redeeming our liberty, has been expended on sumptuous houses, carriages, and dinners. A fearful tax! if equalized on all; but overwhelming and convulsive by its partial fall. Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper, as we were formerly by the old Continental paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burthen all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs. Prudent men must be on their guard in this game of Robin's alive, and take care that the spark does not extinguish in their hands. I am an enemy to all banks discounting bills or notes for anything but coin. But our whole country is so fascinated by this Jack-lantern wealth, that they will not stop short of its total and fatal explosion."
~~Thomas Jefferson to Dr. Thomas Cooper, 1814
"If recession should threaten serious consequences for business (as is not indicated at present) there is little doubt that the Federal Reserve System would take steps to ease the money market, and so check the movement."
~~Harvard Economic Society, October 19, 1929
"Business will turn for the better this month or next, recovering vigorously in the third quarter and end the year substantially above normal."
~~Harvard Economic Society, May 17, 1930
"The US economy is going to come back gangbusters. Might take as long as 2 years, more likely only 1, but it will happen. Baked in. The Fed already did enough, and the Bush treasury, and adjustments to prices in the free market (commodities, houses, stocks, corporate bonds, all of it). ... Buy a clue already. The US economy has buried every challenge thrown at it for over 200 years, and it will bury this challenge. Do the Dems deserve the credit for fixing it? No, but they'll take it anyway. And if all you do in the meantime is predict failure, then they will succeed in getting that credit from the American people, while you will stand revealed as an economically illiterate fool. Get some optimism, people! Conservatives without economic optimism are so useless. The place to watch Obama is foreign affairs, he isn't hawkish enough. The economy is going to be fine."
19 posted on Thursday, January 08, 2009 9:33:36 PM by JasonC
Tell you again? I never told you that before.
But I am willing to teach you how the Fed creates money. Of course you didn't understand that the first time.
This is change I can believe in - Lindsay Graham is right. The banks are so crooked and broken I believe this is the only way out of the mess. It worked for the S&L industry. When are we going to see some bankers go to jail?
I believe that Enron was just a chip off the tip of the iceberg of corporate dishonesty and what we are seeing now is the collision of the Titanic with the main body of ice. The US and world economy will not recover from this mess without a radical intervention far beyond the scope of Tarpulus and Porkulus spending.
I have a fairly freshly minted Rice University MBA from 6 years ago, and in 2 years of classes there was not one word mentioned about credit default swaps, not a word. Now the world economy is on its knees because of them. Blame whoever but the driver was pure-D unadulterated GREED.
You’re a joke TP, but we enjoy laughing at you. Keep it up.
It’s amusing to watch a Keynsian Cornucopian make a fool of himself as his world comes crashing down for all to see.
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