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Keyword: nationalization

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  • The plot to destroy America

    02/23/2009 1:28:40 PM PST · by Neil E. Wright · 261 replies · 16,936+ views
    The WARROOM radio show ^ | 02/23/09 | Jim Quinn
    A rant from the WARROOM with Quinn and Rose Rant by Jim Quinn (Transcript by Neil E. Wright. Any errors are mine. I have added emphasis where I think it is appropriate.) "I want to talk more about the president's plan for the economy which will be unveiled tomorrow night. And as I've said a couple of times in this hour, I'm convinced now that its not stupidity. That its not just bold ideology. I'm convinced now that there is a global agenda to destroy the economy of the United States of America.And the reason? Very simple. You cannot establish...
  • Market Plunges to 1997 levels -- still falling. Where's Messiah? All Hail (Capitalism DeathWatch™)

    02/23/2009 12:17:36 PM PST · by quesney · 128 replies · 6,837+ views
    YahooFinance ^ | YahooFinance
    Dow 7,177.78 -187.89 -2.55% Nasdaq 1,399.99 -41.24 -2.86% S&P 500 749.23 -20.82 -2.70%
  • Reid: Don't call it nationalization

    02/23/2009 9:48:31 AM PST · by NormsRevenge · 36 replies · 2,787+ views
    Politico on Yahoo ^ | 2/23/09 | Lisa Lerer
    Senate Majority Leader Harry Reid said he supports efforts of the federal government to dramatically expand its stake in Citigroup, but wants people to back off from the dramatic rhetoric. “It’s not nationalization, it’s protecting the taxpayers’ interests,” Reid (D-Nev.) told MSNBC’s Morning Joe program on Monday. “In the bailout, the TARP, that we made sure the American taxpayer had a way of getting paid back for their investments,” Reid said. “That’s what this is all about and it’s the right way to go.” The federal government is in talks to take as much as a 40 percent stake in...
  • Hey kids! Let's nationalize the banks! (NY Times)

    02/23/2009 2:54:07 AM PST · by Scanian · 5 replies · 436+ views
    The American Thinker ^ | February 23, 2009 | Rick Moran
    You've got to love their timing - almost as if they got an order from the Democrats to do an editorial on why it will be necessary to nationalize the banks. Why nationalize, asks the New York Times? Because they're (you guessed it) TOO BIG TO FAIL! Rescue measures have so far prevented a system-wide meltdown, but they have not reversed the downward slide or revived bank lending. That will not happen until investors have a firm grasp of the losses that everyone knows are on banks' books - but that the banks are loath to acknowledge. Done right, a...
  • Nationalization? Feds, Citi at the table

    02/23/2009 2:45:22 AM PST · by indcons · 10 replies · 801+ views
    Politico ^ | 2/23/09 | EAMON JAVERS & CARRIE BUDOFF BROWN
    The federal government is in talks to beef up its ownership stake in Citigroup to as much as 40 percent of the company's common stock, the Wall Street Journal reported Sunday—just days after the Obama administration said it didn't want to nationalize America's largest banks. Citigroup proposed the move to regulators, the Journal reported, and a Treasury Department spokesman signaled late Sunday that the government is open to the idea, even as he refused to discuss Citi directly. Treasury spokesman Isaac Baker told POLITICO: "We don't comment on conversations with specific banks. However. we are open to considering a request...

    02/22/2009 6:51:24 PM PST · by Jim Robinson · 84 replies · 2,606+ views
    NY Post ^ | Flasback Dec 4, 2008 | By PAUL THARP
    A new Citigroup scandal is engulfing Robert Rubin and his former disciple Chuck Prince for their roles in an alleged Ponzi-style scheme that's now choking world banking. Director Rubin and ousted CEO Prince - and their lieutenants over the past five years - are named in a federal lawsuit for an alleged complex cover-up of toxic securities that spread across the globe, wiping out trillions of dollars in their destructive paths. Investor-plaintiffs in the suit accuse Citi management of overseeing the repackaging of unmarketable collateralized debt obligations (CDOs) that no one wanted - and then reselling them to Citi and...
  • Schwarzenegger to GOP: Put Aside Ideology [bashes Mark Sanford, open to bank nationalization] [RINO]

    02/22/2009 2:26:55 PM PST · by rabscuttle385 · 34 replies · 1,811+ views
    California Gov. Arnold Schwarzenegger repeated today on "This Week" that he'd take any state aid money GOP governors like Gov. Mark Sanford, R-S.C. turn down -- a position that has raised the ire of many of his Republican colleagues in Washington, D.C. this weekend. "Governor Sanford says that he does not want to take the money, the federal stimulus package money. And I want to say to him: 'I'll take it.' I'm more than happy to take his money or any other governor in this country that doesn't want to take this money, I take it, because we in California...
  • What is nationalization?

    02/20/2009 3:41:39 PM PST · by Oldeconomybuyer · 15 replies · 711+ views
    CNN ^ | February 20, 2009 | Colin Barr, senior writer
    NEW YORK (Fortune) -- What does it mean to nationalize a bank, anyway? That question has weighed on the minds of investors in the two weeks since the Obama administration's comprehensive financial industry stability plan fell flat. And they came to a head Friday. Nationalization fears helped drag down shares of Citigroup (C, Fortune 500) and Bank of America (BAC, Fortune 500) as much as 36% at one point Friday. BofA recovered most of its losses to finish Friday down just 3.6%. But Cit's stock closed Friday with a 22% loss. The term nationalization has been used to cover a...
  • Katie Couric wants the DMV to be your banker

    02/21/2009 9:07:06 AM PST · by slomark · 18 replies · 1,518+ views
    We’re pretty sure Katie Couric leads a pretty glamorous life. Limos to the studio. Limos to dinners at fabulous restaurants. Limos to the Hamptons for long, leisurely weekends. Yet when this shameless prima donna examined pros and cons of the federal government nationalizing the banks, she concluded by saying, “…a government bureaucracy may not offer the best customer service.” Earth to friggin’ Katie. May not offer the best service? For god’s sake,
  • Who Is Selling Citi? (fear of equity wipeout among Citi employees in Asia)

    02/21/2009 5:36:10 AM PST · by TigerLikesRooster · 14 replies · 800+ views
    Business Insider ^ | 02/20/09 | John Carney
    Who Is Selling Citi? John Carney|Feb. 20, 2009, 2:16 PM|13 Dow Jones is reporting that the talk of nationalizing Citi has panicked Citi's employees in Asia, triggering massive selling by employees who hold stock they received as part of their compensation. From Dow Jones: Many bankers in the US believe nationalization of banks in general and Citi in particular is not on the agenda, but staffers in Asia, far away from the twists and turns of the national debate over how to secure the US banking system, are selling in great numbers because they fear the value of the equity...
  • Bank nationalization would pose hurdles for Obama

    02/20/2009 5:07:38 AM PST · by Lady GOP · 10 replies · 343+ views
    The Hill ^ | 2.19.08 | By Ian Swanson
    The nationalization of even a handful of U.S. banks, which some analysts see as increasingly likely, would pose political problems for President Obama. Obama has worked hard to portray himself as a centrist since his election, and federal ownership of troubled banks would play into arguments that he is a left-of-center politician. It would also play into the hands of GOP critics. Last October, Alaska Gov. and then Republican vice presidential candidate Sarah Palin claimed Obama wanted to "experiment with socialism." Douglass Elliot, a fellow on economic studies at the Brookings Institution who has written about nationalization, told The Hill,...
  • Citi, Bank of America drop on nationalization concern

    02/20/2009 10:38:15 AM PST · by jessduntno · 15 replies · 714+ views
    MarketWatch ^ | Alistair Barr
    Citi, Bank of America drop on nationalization concern By Alistair Barr, MarketWatch SAN FRANCISCO (MarketWatch) -- Bank of America Corp. shares hit a record low and Citigroup Corp. stock slumped to an 18-year low Friday, as the two financial giants faced investors' concerns they may soon be nationalized. Citi shares dropped 21% to $1.99, their lowest level since early 1991. Bank of America fell 17% to $3.27, and earlier touched a record low of $3.19, according to FactSet Research data. A Citigroup spokesman highlighted the bank's high Tier 1 capital ratio, a measure of financial strength, and said it continues...
  • Bank Nationalization Speculation Prompts Confusion, Fear (Obama destroying America at record speed)

    02/20/2009 2:45:14 PM PST · by tobyhill · 16 replies · 675+ views
    cnn ^ | 2/20/2009 | cnn
    Speculation about possible bank nationalization by the U.S. government is driving down shares in the sector Friday. However, there's plenty of uncertainty of what nationalization would actually look like. Nationalization gives the U.S. government the power to control banks. That power could mean anything from taking control of the public shares to replacing existing management, installing a new board of directors and setting corporate strategy. But the lack of clarity surrounding nationalization has created confusion on what's the best path the federal government should take. "One of the problems in talking about nationalization is there is very little consensus on...
  • Obama tries to halt talk of bank nationalization

    02/20/2009 3:33:55 PM PST · by NCjim · 9 replies · 574+ views
    Breitbart ^ | February 20, 2009
    The White House on Friday insisted it's not trying to take over two ailing financial institutions, even as stocks tumbled again. On Wall Street, talk of nationalization of Citigroup Inc., and Bank of America Corp., prompted investors to continue to balk, worried that the government would have to take control and wipe out shareholders in the process. Citigroup fell 20 percent, while Bank of America fell 12 percent in afternoon trading but also came off their lowest levels. "This administration continues to strongly believe that a privately held banking system is the correct way to go, ensuring that they are...
  • Banks pounded by nationalization fear (Lindsey Graham one of most conservative members.)

    02/20/2009 11:35:07 AM PST · by Cousin Eddie · 31 replies · 751+ views
    Learn something every day. Per CNN, Lindsey Graham is one of the more conservative members of the Senate. They were discussing the growing chorus for nationalization of the banks and threw in this winning line: "But support for such a move seems to be growing, even among some Republicans. Republican Sen. Lindsey Graham, considered one of the Senate's more conservative members, said recently that nationalization could be an option..."
  • Dodd says Obama trying to avoid bank nationalization (except for maybe a "short time")

    02/20/2009 11:27:35 AM PST · by Clairity · 25 replies · 1,250+ views
    Market Watch ^ | Feb. 20, 2009 | Wallace Witkowski
    Sen. Christopher Dodd, chairman of the Senate Banking Committee, said the Obama administration is seeking to avoid nationalizing banks, but that banks may have to be nationalized for "a short time,"
  • Couric: Bank Nationalization Will Provide 'Big Dose of Confidence'

    02/20/2009 5:36:49 AM PST · by Zakeet · 54 replies · 1,376+ views
    NewsBusters ^ | February 20, 2009 | Brent Baker
    Katie Couric concluded a Thursday night look at the pros and cons of nationalizing banks by seeing the federal government as a comforting security blanket: “Nationalization may have a psychological impact as well, and Uncle Sam wrapping his arms around failing banks in this country might provide a big dose of confidence for the American consumer.” Building to her pro-nationalization conclusion, Couric asserted that “everyone hopes to avoid what happened to Japan back in the 90s when the government pumped good money into bad banks, essentially keeping unhealthy financial institutions that weren't going to make it anyway on life support,...
  • Sen. Graham explains his view on nationalizing banks [Lindsey Graham]

    02/20/2009 5:15:26 AM PST · by rabscuttle385 · 28 replies · 814+ views
    The Observer, Charlotte, NC ^ | 2009-02-20 | Christina Rexrode
    Lindsey Graham, the Republican senator from South Carolina, has made himself a point-man in the rising nationalization debate. Graham stepped out this week to advocate government takeovers of certain struggling banks, surprising some fellow Republicans and proving again that the banking crisis has turned many economic orthodoxies upside down. But Graham says he supports only a limited nationalization, and that he's doing so only because the government's current plan isn't yielding results. “I want to bring closure to this, and I want a game plan,” Graham told the Observer on Thursday. “I'm not going to be the Herbert Hoover of...
  • Nationalizing Troubled Banks May Be The Only Answer[Karl Marx Smiles]]

    02/19/2009 6:08:49 PM PST · by Steelfish · 43 replies · 1,033+ views
    Sacramento Bee ^ | Februar 19, 2009
    Nationalizing troubled banks may be the only answer By Kevin G. Hall -McClatchy Newspapers WASHINGTON — Former Federal Reserve Chairman Alan Greenspan thinks it's necessary. His successor, Ben Bernanke, doesn't rule it out. From editorial pages to the blogosphere to boardrooms, this is the question on many minds: Should the United States nationalize some banks? A few months ago, it would have been heretical to suggest that Bank of America could become Bank Owned by America. Now, however, the U.S. economy is sinking faster than anyone thought possible, and respected economic authorities are suggesting that temporary bank nationalization, once the...
  • President needs to stop invoking the 'D-word'

    02/19/2009 6:43:02 AM PST · by BenLurkin · 24 replies · 740+ views
    Valley Press ^ | Tuesday, February 17, 2009.
    Yes, we're going through tough times, but President Obama has repeatedly invoked the Great Depression and it's scaring the heck out of consumers. Who's going to go buy anything if we're headed for an economic catastrophe? People will horde every penny they get and businesses will suffer and things will only get worse. In a well-written op-ed piece in Friday's Wall Street Journal, University of Nevada-Reno economics professor Bradley R. Schiller takes Obama to task for spreading fear itself to win votes for his stimulus package. In his article titled, "Obama's rhetoric is the real 'catastrophe,' " Schiller points out...