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Posted on 07/23/2012 7:53:17 PM PDT by Kaslin
The New York Times may develop a case of the vapors when a conservative calls Barack Obama a socialist, but they certainly aren't uncomfortable with socialist arguments. At the top of Monday's op-ed page, opposite Paul Krugman was an article titled "Wall Street Is Too Big to Regulate."
Professor Gar Alperovitz, author of "America Beyond Capitalism," had his argument summarized in the pull quote: "Banks are larger than ever. Don't try to control them. Nationalize them." He also claimed this is a "market-friendly" step:
With high-paid lobbyists contesting every proposed regulation, it is increasingly clear that big banks can never be effectively controlled as private businesses. If an enterprise (or five of them) is so large and so concentrated that competition and regulation are impossible, the most market-friendly step is to nationalize its functions.
What about breaking up the banks, as many on the left favor? Recent history confirms another Chicago School judgment: while a breakup might work in the short term, the most likely course is what happened with Standard Oil and AT&T, which were broken up, only to essentially recombine a few decades later.
Nationalization isn’t as difficult as it sounds. We tend to forget that we did, in fact, nationalize General Motors in 2009; the government still owns a controlling share of its stock. We also essentially nationalized the American International Group, one of the largest insurance companies in the world, and the government still owns roughly 60 percent of its stock.
Of course, it would probably take another financial meltdown to make banking nationalization politically tenable. But given how the sector has behaved since the last crisis, a repetition seems inevitable, and sooner rather than later.
Alperovitz recently offered the keynote address at the 2012 Green Party convention in Baltimore, where he declared:
Think about this, the top 400 people—not percent, people, 400—own more wealth now than the bottom 185 million Americans taken together. That is a medieval structure. I don’t mean that rhetorically. I don’t mean that rhetorically. I mean that technically. That’s the way you concentrated wealth in the medieval era, really.
Nationalize the NY and DC newspapers first, then shut them down. Then nationalize and shut down Kruggie’s bank. Or just his account.
What about bringing Glass-Steagall? In so far as deposit banking is an insured activity, separate it from the risk of investment banking. When an investment bank goes down, it shouldn’t be rescued by the taxpayer.
Also seize his island place in St. Croix and give it to the state. Alles klar, Der Kommissar Kruggie ...
Communism IS NOT "BEYOND" Capitalism. Communism is what the Neaderthals used to do.
What is needed is a constitutional amendment forbidding the government from nationalizing anything or owning stock in private companies.
They’ll probably push for it.
And you can look for Romney, McCain, Boehner, McConnell and usual gang to reach across the aisle, take the “middle ground” and help them.
Now go pay your taxes - your government is broke. :)
It has been a constant string of central government intervention that has centralized banking in the big few.
Remember when most banks were state regulated and not regulated by the Feds at all? When state regulated they could not grow to be too big to fail. States protected their turf from out-of-state banks.
Then central government seized the power of the states.
Can anyone say that banking is better in anyway since that happened?
As the Feds increase regulation and ultimately close in on nationalization, capital will flee the US. Foreign investors will avoid US banks like the plague and domestic savers will think long and hard about putting their savings in a bank that can confiscate their accounts through fiat.
Savers will look for non bank safe deposit boxes for cash, metals and jewels.
I’ve always worried about what would take place when we became a Banana Republic.
Now it has gotten so bad, I aspire to becoming a Banana Republic.
Think about this, the top 400 people—not percent, people, 400—own more wealth now than the bottom 185 million Americans taken together. That is a medieval structure. I don’t mean that rhetorically. I don’t mean that rhetorically. I mean that technically. That’s the way you concentrated wealth in the medieval era, really.
Maryland "Freak State" PING!
Think about this, the top 400 people—not percent, people, 400—own more wealth now than the bottom 185 million Americans taken together. That is a medieval structure. I don’t mean that rhetorically. I don’t mean that rhetorically. I mean that technically. That’s the way you concentrated wealth in the medieval era, really.
Maryland "Freak State" PING!
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