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...
  • Greenspan Suggests Bank Nationalization

    02/18/2009 8:45:45 PM PST · by djf · 21 replies · 645+ views
    Former Fed Chairman and longtime free-market icon Alan Greenspan now says nationalization of U.S. banks might be the “least bad” way forward in the ongoing financial system collapse. In making the comment, Greenspan joined Republican Senator Lindsay Graham (R-SC), a member of the Senate Banking Committee, in testing the waters for support of the idea of letting government simply take over failing banks. Germany also this week cleared the way for bank nationalization as a last resort. “It may be necessary to temporarily nationalize some banks in order to facilitate a swift and orderly restructuring,” Greenspan told the Financial Times...
  • Obama: "Today marks the beginning of the end!"

    02/17/2009 12:10:19 PM PST · by Jim Robinson · 325 replies · 11,822+ views
    At the signing. NS.

    02/18/2009 8:46:53 AM PST · by andrew roman · 13 replies · 467+ views
    Roman Around ^ | 18 February 2009 | Andrew Roman
    From the "What The Hell Is Happening To My Country" file ... or the "Phony Republicans, Get Lost" file ...I have to believe that somewhere in this nation are people who have actually lived through a recession before. The people of the United States cannot possibly be this frail, this spineless, this whiny and thin-skinned. A nation of rugged individualists simply could not have been fundamentally transformed into a dominion of unsure, frightened, dependant crybabies this quickly. The realities of an economic downturn cannot be so unique and so extraordinary as to inspire such intellectual depravity and idiocy from those...
  • "If the present banking system is failing- let it fail." - ALAN KEYES

    02/18/2009 7:24:58 AM PST · by EternalVigilance · 18 replies · 891+ views
    America's Independent Party ^ | February 18, 2009 | Alan Keyes
    If it ain't broke, don't fix it. That's not a thought likely to occur to anyone thinking about the banking system these days. It's broke alright. Insolvency is the word of the day, along with that other word, nationalization. Funny how so many people who think the nation state has effectively ceased to exist when it comes to borders and immigration suddenly rediscover its powers when its time to take over the banks. "But Alan," you protest "we badly need a solution." Which, I reply, is not a good reason to accept a bad one. In fact , if things...
  • Greenspan backs bank nationalisation [joins Graham, McCain, Obama, and others] [Socialist agenda]

    02/17/2009 5:48:34 PM PST · by rabscuttle385 · 163 replies · 6,127+ views
    Financial Times ^ | 2009-02-18
    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...
  • Bank nationalisation gains ground with Republicans [McCain+Grahamnesty] [in agreement with Obama?]

    02/17/2009 2:28:20 PM PST · by rabscuttle385 · 111 replies · 6,176+ views
    Financial Times ^ | 2009-02-17
    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...
  • DeMint opposes federal intervention in banking crisis

    02/17/2009 2:22:08 PM PST · by rabscuttle385 · 8 replies · 340+ views
    Greenville News, Greenville, SC | 2009-02-17 | Paul Alongi
    Link only, per FR copyright and excerpt policy
  • Image Is Everything

    02/17/2009 9:22:11 AM PST · by dbz77 · 8 replies · 1,370+ views
    TownHall ^ | February 17, 2009 | Lorie Byrd
    If you’ve heard it once, you’ve probably heard it a hundred times – in politics, perception is reality. In the age of Obama, that is more true than ever. Facts don’t always matter so much in politics. It’s more about image. “Peter Perfect” is a reality show my family watches from time to time. The star of the show, Peter Ishkans, goes into struggling small businesses and helps them create a new look and a new marketing strategy to hopefully set them on the track to success. Ishkans sums up the philosophy behind his approach at the beginning of each...
  • Sen. Graham defends view on nationalizing banks [Lindsay Graham]

    02/17/2009 6:53:47 AM PST · by rabscuttle385 · 28 replies · 727+ views
    The Observer, Charlotte, NC ^ | 2009-02-17 | Jim Morrill
    Graham: Ignoring possibility is irresponsible. Despite criticism from fellow Republicans, U.S. Sen. Lindsey Graham of South Carolina Monday defended his statement that the U.S. should consider nationalizing some banks. Critics, including the chairman of Charlotte-based Bank of America and many politicians, have slammed the idea. That doesn't bother the outspoken Graham. “Politicians are worried about words,” he said Monday. “I'm worried about outcomes.” Graham said the government has already poured billions into banks with little to show for the economy. Bank of America, which has received $45 billion in bailout money, is currently worth $27 billion in market capitalization. “The...
  • Sen. Graham: Consider nationalizing banks [Lindsay turns to the dark side]

    02/16/2009 1:18:22 PM PST · by rabscuttle385 · 26 replies · 733+ views
    U.S. Sen. Lindsey Graham says the idea of a government takeover of private banks -- once considered a radical proposal -- might be the best solution for the financial industry's problems. Graham, a South Carolina Republican, made the comments Sunday on ABC's "This Week" program. "I would not take off the idea of nationalizing the banks," Graham, who sits on the Senate Budget Committee, told George Stephanopoulos on Sunday's program. "This idea of nationalizing banks is not comfortable, but I think we have gotten so many toxic assets spread throughout the banking and financial community throughout the world, that we're...
  • Obama faces tough decisions on US auto industry

    02/16/2009 4:28:32 AM PST · by Lady GOP · 20 replies · 570+ views ^ | Feb 15 08:21 | By TOM KRISHER and KEN THOMAssociated
    WASHINGTON (AP) - The Obama administration faces difficult choices on the fate of the U.S. auto industry, weighing the cost of pouring billions more into struggling companies against possible bankruptcies that could undermine plans to jump-start the economy.
  • Republican [Lindsey Graham] Says He Won’t Drop the Idea of Nationalizing the Banks

    02/16/2009 8:01:33 AM PST · by Mr. Mojo · 47 replies · 1,124+ views
    CNS News ^ | February 16, 2009 | Susan Jones
    ( – A Republican and a Democrat agreed on Sunday that the government may have to take a larger ownership stake in the nation’s banks. But the Republican lawmaker seemed to go even further than the Democrat in backing the idea of nationalization. “Let’s talk” about nationalizing the banks, Rep. Maxine Waters (D-Calif.) said on ABC’s “This Week.” But she also said the nation is not ready to “move to the point of a formalized nationalized banking program yet.” Rep. Sen. Lindsey Graham (R-S.C.), who appeared on “This Week” with Waters, said the nation’s banks are in so much trouble,...
  • Obama to set up auto task force instead of 'czar' (Nationalized US auto industry next)

    02/16/2009 3:49:18 AM PST · by tobyhill · 21 replies · 603+ views
    afp ^ | 2/16/2009 | afp
    The administration of US President Barack Obama will create an inter-agency task force on restructuring the troubled auto industry instead of naming a "car czar" as was planned by the Bush administration, The Wall Street Journal reported late Sunday. Citing unnamed senior administration officials, the newspaper said Treasury Secretary Timothy Geithner and White House economic adviser Lawrence Summers will jointly oversee the task force
  • Lindsey Graham, Maxine Waters on nationalizing banks

    02/15/2009 1:35:45 PM PST · by Reagan 2.0 · 28 replies · 1,359+ views
    The Patriot Room ^ | 2-15-09 | Scott Martin
    Video of Lindsey Graham coming to terms with Maxine Waters, saying we may have to consider nationalizing the banks. Maxine Waters: "We've come a long way."
  • REPUBLICANS Now Calling for Bank Nationalization (Video)

    02/15/2009 10:21:04 AM PST · by nysuperdoodle · 26 replies · 915+ views
    Evil Conservative Radio ^ | 15 Feb 09 | EC
    I think it really sucks when the Sunday morning shows feature Republicans sitting around saying Maxine Waters' push to nationalize an entire industry is right. Why bother with the GOP at all, when they have no ideological consistency as a party. When Chuck Schumer has to put out the socialist fire at a roundtable with two Republicans- When the party we're counting on to FIGHT against the nanny state starts pushing that same nanny state.... we're in deep trouble.
  • Credit Union Insolvent

    02/15/2009 3:54:09 AM PST · by Sam_Damon · 6 replies · 794+ views
    WTRF-TV ^ | February 14, 2009 | Jerry Echemann
    The National Credit Union Administration on Friday closed the Center Valley Federal Credit Union of Wheeling and placed it into liquidation. Several members of this credit union have contacted 7 news with a claim that money was being embezzled, contributing to its demise.
  • Does Obama Want Financial Stocks to Go to Zero?

    02/14/2009 7:26:21 AM PST · by RichieRich1 · 19 replies · 534+ views
    Bizblogger ^ | 02/14/2008 | Richie Rich
    A key element to Obama's magical utopia is to force banks (or allow judges on their behalf, but that is a very sketchy idea even to Obama) to rewrite mortgages so that everyone can continue to have a home. It obviously makes no difference whether or not people can afford it because, according to Washington, home ownership is now a right as important as that of free speech (assuming you're not a leading radio talk show host). Obama rightfully understands that the easiest way to do this is to either persuade banks or to force them. Since banks are private...
  • Nationalization by autumn, bank on it

    02/13/2009 4:06:52 PM PST · by Oldeconomybuyer · 22 replies · 861+ views
    Reuters ^ | February 13, 1999 | By: James Saft
    Like it or not the United States will be forced to nationalize large swathes of its banking system by the time the leaves fall from the trees in Washington. The tragedy is that we will have to wait that long and that the costs will mount. The plan to rescue the banks, or, er, the people, as enunciated by Treasury Secretary Geithner, is no plan, only an apparent set of contradictory principles: an ideological one not to nationalize and a political one not to subsidize too obviously. The plan will fail unless the administration comes out in favor of either...
  • Friday the Thirteenth (Regarding Passage of Stimulus Bill)

    02/13/2009 3:51:31 PM PST · by kc8ukw · 22 replies · 716+ views
    Heritage Foundation ^ | Feb. 13, 2009 | Rory Cooper
    There are certain dates that are seared into the memories of all Americans. Dates that altered the course of our union; sometimes in moments of glory, often in moments of tragedy. Today, Friday the 13th, is one of those days. Today, both the House and Senate passed what will historically be looked at as one of the biggest mistakes in the history of the U.S. Congress; a bill that will ultimately be the judge and jury of President Obama’s first term in office. There is no doubt that President Obama will sign the legislation that he lobbied for on Monday....
  • Nationalize the Banks! We're all Swedes Now

    02/13/2009 1:11:21 PM PST · by SeekAndFind · 15 replies · 746+ views
    Washington Post ^ | Feb 15,2009 | Matthew Richardson and Nouriel Roubini
    The U.S. banking system is close to being insolvent, and unless we want to become like Japan in the 1990s -- or the United States in the 1930s -- the only way to save it is nationalization. As free-market economists teaching at a business school in the heart of the world's financial capital, we feel downright blasphemous proposing an all-out government takeover of the banking system. But the U.S. financial system has reached such a dangerous tipping point that little choice remains. And while Treasury Secretary Timothy Geithner's recent plan to save it has many of the right elements, it's...
  • How We Got Financial Disaster: A Tale Of Democrat Lies And Deceit

    02/12/2009 7:21:49 AM PST · by Michael Eden · 31 replies · 1,292+ views
    Start Thinking Right ^ | February 12, 2009 | Michael Eden
    For all the media's irresponsible coverage of the 2008 elections, they were the most blatantly dishonest and biased in their allowing Democrats to use the airwaves to present a blatantly false narrative that Republicans were to blame for the tanking economy due to their "failure to regulate." We could go back to House Speaker Nancy Pelosi, who demonized "the Bush administration's failed economic policies -- policies built on budgetary recklessness, on an anything-goes mentality with no regulation, no supervision and no discipline in the system." The airwaves have been filled with Democrats and liberals presenting their talking points of Republican...
  • The Big Brother Spendulus Package: Kiss Your Health Care Good-bye

    02/10/2009 5:03:09 AM PST · by jay1949 · 32 replies · 1,316+ views
    American Sentinel ^ | February 10, 2009 | Jay Henderson
    As a ten-year, two-time cancer survivor, I have learned far more than I ever wanted to know about the American health care system. I am alive today because I had access to medical doctors who were ready, willing and able to provide treatment that would have been denied under the nationalized health care envisioned by Barack Obama and by-the-grace-of-God-disgraced-and-defeated Tom Daschle.
  • BofA CEO Lewis says nationalization is 'absurd'

    02/07/2009 7:00:06 PM PST · by restornu · 18 replies · 690+ views
    My Way ^ | Feb 6, 2009 | By IEVA M. AUGSTUMS
    CHARLOTTE, N.C. (AP) - Bank of America Corp. (BAC) (BAC) Chief Executive Ken Lewis capped off a week of defending his bank and his role in it on Friday by firing back against rumors that his company could be in danger of nationalization. "It's absurd," Lewis said in an interview on CNBC, adding that he knows of no government officials who have talked about nationalizing the bank. Treasury Secretary Timothy Geithner and other top officials are close to finishing a plan to overhaul the government's $700 billion financial rescue fund. Some investors in recent days have been worried that the...
  • Nationalizing Bank Losses

    01/31/2009 12:24:24 PM PST · by An Old Man · 10 replies · 802+ views
    Seeking Alpha ^ | January 31, 2009 | Felix Salmon
    Tyler Cowen has a new argument against nationalization: Say that banks are in the red by $2 trillion for ever and all eternity. Taking over the banks simply means that the government picks up these losses as owner. Government ownership makes it less likely, not more likely, that bank creditors will "take a haircut." There's a certain amount of truth to this: nationalizing banks means nationalizing their net losses. But on the other hand, overpaying for their toxic assets means nationalizing their gross losses. The problem with Tyler's argument is that he's dealing in extremely small probabilities -- specifically, the...
  • World worries how U.S. will pay for stimulus (Socialists worried about "Porkulus")

    01/30/2009 4:23:35 PM PST · by AKSurprise · 18 replies · 767+ views
    International Herald Tribune ^ | 01/30/09 | Nelson D. Schwartz
    "DAVOS, Switzerland: Even as the U.S. Congress looks for ways to expand President Barack Obama's $819 billion stimulus package, the rest of the world is wondering how Washington will pay for it all." ""The U.S. needs to show some proof they have a plan to get out of the fiscal problem," said Ernesto Zedillo, the former Mexican president who helped steer his country through a financial crisis in 1994. "We, as developing countries, need to know we won't be crowded out of the capital markets, which is already happening."Zedillo said that Washington, unlike most other countries, had the option of...
  • Davos chief: Use crisis to nationalize banks

    01/28/2009 6:42:47 PM PST · by luv2ndamend · 23 replies · 890+ views ^ | January 28, 2009 | Jerome R. Corsi
    Leaders at economic forum see meltdown as chance to expand government controlNEW YORK – A call to utilize the current global economic crisis as a panic in which governments worldwide can move to nationalize banks is emerging from the 2009 World Economic Forum in Davos, Switzerland. The forum's founder, Klaus Schwab, told CNN yesterday the current global economic slowdown is a "transformational crisis" that should be utilized to shape a "new world." "Above all else this is a crisis of confidence," Schwab said. "To restore confidence you have to establish signposts that the world after the crisis will be different....
  • Pelosi Advocates Greater Government Investment in Banks: ‘Some People Call That Nationalization’

    01/26/2009 6:37:54 AM PST · by Mr. Mojo · 27 replies · 728+ views
    CNSNews ^ | January 26, 2009 | Susan Jones
    ( - House Speaker Nancy Pelosi, describing the U.S. economy as “dark, darker, darkest,” indicated that further nationalization of American banks may be necessary, although she shied away from using the word “nationalization.” Pelosi also told ABC’s George Stephanopoulos that investing in food stamps and unemployment insurance would be more effective in stimulating the economy than any tax cut would be. In a taped, edited interview that aired Sunday on ABC’s “This Week,” Pelosi was asked if she would go along with additional government investment in American financial institutions. Pelosi said she’s willing to do “whatever we have to do”...
  • BARACK'S BANK BET (nationalization & $3 trillion bailout)

    01/26/2009 2:25:42 AM PST · by TigerLikesRooster · 51 replies · 1,372+ views
    NY Post ^ | 01/25/09 | MICHAEL GRAY
    BARACK'S BANK BET By MICHAEL GRAY January 25, 2009 -- The heat is on the Obama Administration. Congressional leaders are pressing the White House to come up with a plan as soon as this week to save the banks and jumpstart the economy. As the Obama economic team huddles this weekend in an attempt to hammer out the framework of their plan, three options have been bandied about: * Nationalizing the banks. * Creating a government-owned "bad bank" to take the toxic assets off of the bank's balance sheet. * Continuing the Bush Administration rescue plan of pumping in taxpayer...
  • It's Bank Nationalization By Any Other Name

    01/24/2009 9:16:13 AM PST · by I still care · 5 replies · 303+ views
    NY Post ^ | Saturday, January 24, 2009 | Bloomberg
    The US government's decision to pledge billions of additional dollars with strings attached to Citigroup Inc. and Bank of America Corp. may be nationalization by another name, according to former bankers and regulators. Faced with pressure from lawmakers, banks have shaken up management, eliminated executive bonuses and staff and canceled conventions. They'll be forced to do monthly reports on how they've boosted lending while slashing quarterly dividends to one cent a share for three years. "When the Treasury tells a bank to pay a penny a share vs. its old dividend, you know who's calling the shots," said Jon Bruss,...
  • Crisis Q&A: What “Bank Nationalization” Means For You

    01/22/2009 12:00:05 PM PST · by BGHater · 1 replies · 432+ views
    WSJ ^ | 21 Jan 2009 | Heidi N. Moore
    It only takes one good bank-stock rout to turn Americans into big believers in government control. Yesterday’s precipitous plummet in shares of Bank of America, PNC Financial, State Street and other financials may have done the job; the controversy of the day centers around “bank nationalization,” or giving our government the license to run U.S. banks. Deal Journal provides a primer on what bank nationalization means to the average taxpayer. What does bank nationalization mean? Bank nationalization, in the most practical form, means giving the U.S. government the power to control banks. That could mean taking control of the public...