Bank nationalisation gains ground with Republicans [McCain+Grahamnesty] [in agreement with Obama?]

Financial Times ^ | 2009-02-17

[rabscuttle385]

BY EDWARD LUCEA & KRISHNA GUHA

Nationalisation, long regarded in Washington as a folly of Europeans, is gaining rapid ground among US opinion-formers. Stranger still, many of those talking about federal ownership of banks are Republicans.

Lindsey Graham, the Republican senator for North Carolina, said that many of his colleagues, including John McCain, the defeated presidential candidate, agreed with his view that nationalisation of some banks should be “on the table”.

Mr Graham said that people across the US accepted his argument that it was untenable to keep throwing good money after bad into institutions such as Citigroup and Bank of America, which now have a lower net value than the amount of public funds they have received.

“You should not get caught up on a word [nationalisation],” he told the Financial Times in an interview. “I would argue that we cannot be ideologically a little bit pregnant. It doesn’t matter what you call it, but we can’t keep on funding these zombie banks [without gaining public control]. That’s what the Japanese did.”

Barack Obama, the president, who has tried to avoid panicking lawmakers and markets by entertaining the idea, has recently moved more towards what he calls the “Swedish model” – an approach backed strongly by Mr Graham.

In the early 1990s, Sweden nationalised its banking sector then auctioned banks, having cleaned up their balance sheets. “In limited circumstances the Swedish model makes sense for the US,” said Mr Graham.

[rabscuttle385]

"I would argue that we cannot be ideologically a little bit pregnant."

Lindsay says the darndest things, doesn't he?

[Nervous Tick]

>> Lindsay says the darndest things, doesn’t he?

He says a lot of QUEER things.

[rabscuttle385]

Lindsey Graham, the Republican senator for North Carolina, said that many of his colleagues, including John McCain, the defeated presidential candidate, agreed with his view that nationalisation of some banks should be “on the table”.

Note the factual error about Grahamnesty representing North Carolina rather than South Carolina. However, the rest of what he says is perfectly in line with past behavior.

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[rabscuttle385]

*Ping!*

[rabscuttle385]

Lindsey ping.

[rabscuttle385]

[SeekAndFind]

Depends on what they plan to do with Nationalization.

If their main purpose is to stabilize the troubled banks and eventually sell it back to private hands ( what Sweden did on the 1990’s, which a lot of economists considered successful ), I don’t think this is something to be concerned about.

But I am not sure what Obama and team have in mind.

[cripplecreek]

Apparently he can be a little bit republican and a little bit democrat.

[pissant]

How about this, Mrs. McCain: Let the bad banks fail and let the regionals and smaller healthier banks pick their bones.

[FlingWingFlyer]

I really wouldn’t call Graham and McCain Republicans. Republicans are opposed to Socialism, Marxism and Communism.

[DieHard the Hunter]

> Nationalisation, long regarded in Washington as a folly of Europeans, is gaining rapid ground among US opinion-formers. Stranger still, many of those talking about federal ownership of banks are Republicans.

Having a bank owned by the Gummint isn’t a particularly bad thing. The New Zealand gummint established “Kiwibank” and it is wildly popular. I bank there.

Having ALL your banks owned by the gummint would be another matter entirely.

[arealconservativeforachange]

We already knew he was Bi ;)

[dforest]

Scum is on both sides of the aisle. Now, do the sheeple understand it yet, that it is us against the government we have now?

I am sick of it. This is not a party thing, it is liberty against servitude. I don’t care who is piloting the ship.

Wake up, we are in a fight for liberty and what the US has always stood for.

I am repulsed by this party thing. Their joke is on us. Look, see it yet?

[lula]

Lindsey Graham, the Republican senator for North Carolina,

I wish he was from NORTH Carolina. LOL!

[arealconservativeforachange]

Republicans are opposed to Socialism, Marxism and Communism.

Not so sure about Republicans. I know Conservatives are.

[cripplecreek]

Bicameral and a whole lot liberal.

[calcowgirl]

BUMP!!!

[Oshkalaboomboom]

Lindsey Graham, the Republican senator for North South Carolina, said that many of his colleagues fellow RINOs, including John McCain, the defeated presidential candidate, agreed with his view that nationalisation of some banks should be “on the table”.

There, fixed it.

[FlingWingFlyer]

You are correct, Sir!

[upchuck]

  Lindsey Ping
  "Republican by day, Democrat by night."

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