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 ...
I’m a joke? You’re the one who can’t understand how the Fed creates money. I don’t think I can dumb it down any further for you.
Ooh, that’s a good one.
If Toddsterpatriot is a Keynesian, then I’m Lindsay Lohan.
Nice try TP. But keep spinning your fairy tales.
Maybe your Titanic will grow wings and fly over the iceberg, if only we drink enough of Dr. Keynes Magical Elixer.
This is absolutely tragic. Those bastards Graham and McCain need to shut-up, because no one gives a $hit what they say.
Socialism in all forms is a slavish and is anti-freedom and anti-human.
So you do understand how the Fed creates money? When did that happen? You didn’t have a clue 3 weeks ago.
More proof Travis doesn’t know what he’s talking about.
"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
We’re there with #2. Now, they’re working on #5. #6 is in the works after that.
does anyone think this was all planned?
Aye!
It was more like a gift , from George W. Bush, the “compassionate conservative”.
Good grief! What’s in the water in W., D.C.?
Ok, that’s interesting but I don’t see Greenspan or Graham talking about bankruptcy.
Ok, I’ll bite. Tell me how the Fed “creates money.”
Credit the dealer's account at the Fed.
RINO and Rat dung.
“It’s amusing to watch a Keynsian Cornucopian make a fool of himself as his world comes crashing down for all to see.
“
“Yes, yes, it is crashing just the way we wanted, we predicted, we had hoped! The way it was deigned, yes, crashing!”
Old Toddster just can’t swallow his pride and admit he didn’t know half of what he was talking about.
I agree we can not keep pouring good money after bad. Let’s defund the federal government now.
“If nationalisation is what works, then we should do it.”
And if it DOESNT work, but is work than letting the market resolve this?!?! The mind boggles at the lack of logic here.
ROFLMAO
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