Keyword: nationalization

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  • Hitler Among the Cars, 1939

    06/04/2009 9:37:47 AM PDT · by sbMKE · 16 replies · 1,960+ views
    Life ^ | 6/4/2009 | none
    Caption: Adolf Hitler tours the 1939 International Auto Exhibition in Berlin. Three years before, at another Berlin auto show, Hitler announced that Porsche would design the "People's Car," or Volkswagen, an affordable, practical vehicle for the working German family.Photo: Hugo Jaeger./Time & Life Pictures/Getty Images Feb 17, 1939
  • New York Times Struggles to Candy-Coat Obama's GM Disaster

    06/01/2009 6:32:31 PM PDT · by Bill Dupray · 14 replies · 791+ views
    Patriot Room ^ | June 1, 2009 | Bill Dupray
    Try as they might, there isn't enough candy in the world to fully coat this one. Obama's rhetoric simply doesn't match up with his actions, and the New York Times knows it. Let's start with GM's CEO himself, who also happens to be the CEO of the United States. We have The One's professed reluctance to take over two of the big three automakers. “We are acting as reluctant shareholders, because that is the only way to help G.M. succeed,” Mr. Obama said . . .. Hmmm. How very Chavezian. A private company can only succeed if the government steps...
  • General Motors files for bankruptcy protection (GM Nationalized)

    06/01/2009 8:58:24 AM PDT · by Deek · 111 replies · 4,949+ views
    NEW YORK – General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets. "The General Motors board of directors authorized the filing of a Chapter 11 case with regret that this path proved necessary despite the best efforts of so many," a company statement said. "Today...
  • Once Considered Unthinkable, U.S. Sales Tax Gets Fresh Look

    05/27/2009 2:33:22 PM PDT · by Dubya-M-DeesWent2SyriaStupid! · 54 replies · 3,353+ views
    Washington Post ^ | May 27, 2009 | Lori Montgomery
    Levy Viewed as Way to Reduce Deficits, Fund Health Reform With budget deficits soaring and President Obama pushing a trillion-dollar-plus expansion of health coverage, some Washington policymakers are taking a fresh look at a money-making idea long considered politically taboo: a national sales tax.
  • More evidence emerges that Chrysler Dealer closings was politically motivated

    05/27/2009 9:01:10 AM PDT · by Scanian · 101 replies · 5,632+ views
    The American Thinker ^ | May 27, 2009 | Rick Moran
    I wrote yesterday of the possibility that Chrysler dealers who had been given the ax were disproportionately Republican - many of them large contributors to GOP candidates and the RNC. Now comes more evidence that these dealer closings were politically motivated. Through Reliapundit at Astute Bloggers, we learn that the lawyer for the dealers being torpedoed believes that the closings were ordered not by Chrysler, but by the White House: (via Reuters ) A lawyer for Chrysler dealers facing closure as part of the automaker's bankruptcy reorganization said on Tuesday he believes Chrysler executives do not support a plan to...
  • Where Will the Government Draw the Line in Nationalizations?

    05/26/2009 12:34:38 PM PDT · by arthurus · 5 replies · 381+ views
    Seeking Alpha ^ | May 24, 2009 | Joel West
    Investors who put their money into the nationalized sector — whether in equities or bonds — have to realize that their rights as investor/lenders will be subordinated to the national government’s industrial policy. The business school term for this is “political risk,” normally referring to third world countries where the rule of law is not yet established.
  • More banks may have to be nationalised, says IMF

    05/21/2009 9:21:23 AM PDT · by TigerLikesRooster · 7 replies · 364+ views
    Telegraph ^ | 05/21/09 | Edmund Conway
    More banks may have to be nationalised, says IMF Alistair Darling must stand ready to pump more capital into Britain's beleaguered banks, perhaps nationalising other high street names, the International Monetary Fund has warned. By Edmund Conway Last Updated: 1:46PM BST 21 May 2009 The Fund believes that although the drastic measures to prop up Royal Bank of Scotland, Lloyds Banking Group and other major lenders had prevented them from collapse, more public money needs to be poured in if the economy is to get back to full strength. The alternative is a "zombie" recovery as banks continue to withhold...

    05/19/2009 12:29:20 PM PDT · by autumnraine · 287 replies · 13,297+ views
    Reuters Via Drudge Report ^ | 05/19/2009 | Chelsea Emery and Tom Hals
  • Letter from a Dodge dealer

    05/19/2009 10:29:47 AM PDT · by American Dream 246 · 383 replies · 13,971+ views
    American Thinker ^ | 5/19/09 | American Thinker
    My name is George C. Joseph. I am the sole owner of Sunshine Dodge-Isuzu, a family owned and operated business in Melbourne, Florida. My family bought and paid for this automobile franchise 35 years ago in 1974. I am the second generation to manage this business. We currently employ 50+ people and before the economic slowdown we employed over 70 local people. We are active in the community and the local chamber of commerce. We deal with several dozen local vendors on a day to day basis and many more during a month. All depend on our business for part...
  • Chrysler to revoke franchises of 6 Houston-area dealerships

    05/14/2009 1:18:46 PM PDT · by Snickering Hound · 31 replies · 1,555+ views
    KHOU-Houston ^ | 5-14-09 | Lee McGuire
    HOUSTON -- Chrysler is revoking their franchise with six Houston-area car dealerships. The dealerships include Rogers Dodge of Alvin, Baytown Chrysler Jeep Dodge, Archer Dodge in Stafford, Archer Chrysler-Plymouth in Houston, Archer Chrysler Jeep West in Houston and Jim Archer Chrysler-Jeep in Houston. Chrysler made the announcement as part of its bankruptcy court filing Thursday morning. The franchises will be revoked by early June, the company said. Through his secretary, dealership owner Robert Archer told 11 News he would have no comment today.
  • The End of America's Financial Independence?

    05/05/2009 8:07:24 AM PDT · by BJClinton · 12 replies · 961+ views ^ | 04-28-2009 | Gary D. Halbert
    IntroductionPresident Barack Obama recently set the wheels in motion to render the ultimate control of our large financial institutions, large insurance companies, large hedge funds and quite possibly our financial markets as well, to a foreign entity. A new international regulatory agency was created at the recent G-20 Summit in London, and all G-20 countries signed onto it. Sadly, you probably have not heard a word about it until now. Prepare to be outraged as you read what follows. And I will tell you how to confirm it on your own. Every freedom-loving American - whether conservative, moderate or liberal...
  • BMI's Gainor Tells House Subcommittee Liberal Bias Has Hurt Newspapers

    04/23/2009 8:41:07 AM PDT · by Zakeet · 16 replies · 1,660+ views
    NewsBusters ^ | April 23, 2009 | Matthew Philbin
    On April 21, the Business and Media Institute's Dan Gainor testified before the House Judiciary Committee's Courts and Competition Policy in a hearing on "A New Age for Newspapers." As MRC's Tim Graham wrote on April 22, the hearing was spurred by the steady drumbeat of newspaper closings around the country, and calls from some Democrat lawmakers to bail out and subsidize the newspaper business. While others testified on newsprint business models and the impact of the Internet, Gainor's statement to the subcommittee highlighted liberal bias as a major factor in the industry's decline. "The concept of a journalist as...
  • Freddie Mac CFO Hangs Self in Basement

    04/22/2009 8:14:29 AM PDT · by truthnomatterwhat · 90 replies · 3,946+ views
    The Voice Magazine ^ | April 22, 2009 | Jennifer LeClaire
    David Keller was found dead in his home Tuesday morning in an apparent suicide. Keller, 41, has served as the acting chief financial officer (CFO) for Freddie Mac since September. Kellerman reportedly hanged himself in the basement of his Reston, Va. home. The Fairfax County Police Department said there are no signs of foul play. Keller took over as CFO when Anthony “Buddy” Piszel resigned in the wake of the government takeover. The news comes on the heals of Freddie Mac CEO David Moffett's resignation last month. The government-controlled Freddie Mac owns or guarantees about...
  • Obama’s budget will make us the most socialist country in the world

    04/22/2009 4:44:07 AM PDT · by Scanian · 14 replies · 694+ views
    SF Examiner ^ | April 21, 2009 | Karen Hart
    In the famous tale “The Devil and Daniel Webster,” Jabez Stone sold his soul to the devil to enjoy seven years of prosperity. He was even able to bargain for three more years before the “mortgage fell due,” but regardless the mortgage came due and the devil was there to collect. America has sold its soul for unsustainable entitlements, and the price could very well be our capitalistic society as we move closer and closer to socialism. Socialism, as Winston Churchill defined it, is a philosophy of failure. Yet when President Barack Obama fired the CEO of GM, the American...
  • A Backdoor Nationalization: The latest Treasury brainstorm will retard a banking recovery.

    04/21/2009 2:52:15 AM PDT · by Scanian · 2 replies · 515+ views
    The Wall Street Journal ^ | April 21, 2009 | Editorial
    Just when you think the political class may have learned something in months of trying to fix the banking system, the ghost of Hank Paulson returns to haunt the Treasury. The latest Beltway blunder -- and it would be a big one -- is the Obama Administration's weekend news leak that it may insist on converting its preferred shares in some of the nation's largest banks into common equity. The stock market promptly tumbled by more than 3.5% yesterday, with J.P. Morgan falling 10% and financial stocks as a group off 9%, as measured by the NYSE Financials index. Note...
  • U.S. May Convert Banks’ Bailouts to Equity Share

    04/19/2009 11:19:02 PM PDT · by cdchik123 · 5 replies · 454+ views
    nyt ^ | 4/19/09 | EDMUND L. ANDREWS
    WASHINGTON — President Obama’s top economic advisers have determined that they can shore up the nation’s banking system without having to ask Congress for more money any time soon, according to administration officials. In a significant shift, White House and Treasury Department officials now say they can stretch what is left of the $700 billion financial bailout fund further than they had expected a few months ago, simply by converting the government’s existing loans to the nation’s 19 biggest banks into common stock. Converting those loans to common shares would turn the federal aid into available capital for a bank...
  • U.S. May Convert Banks' Bailouts to Equity Share

    04/19/2009 6:56:03 PM PDT · by zaphod3000 · 26 replies · 1,062+ views
    WASHINGTON — President Obama’s top economic advisers have determined that they can shore up the nation’s banking system without having to ask Congress for more money any time soon, according to administration officials. In a significant shift, White House and Treasury Department officials now say they can stretch what is left of the $700 billion financial bailout fund further than they had expected a few months ago, simply by converting the government’s existing loans to the nation’s 19 biggest banks into common stock. Converting those loans to common shares would turn the government aid into available capital for a bank...
  • Dr. Peter Morici: Taxing grandma to pay Goldman Sachs

    Monday afternoon, Goldman Sachs reported much larger than expected first quarter profits, and this comes on the heels of Wells Fargo’s strong earnings reported last week. No one should be surprised. The Federal Reserve has provided the banks with lots of cheap funds through its various emergency lending facilities and quantitative easing. The Federal Reserve has permitted the banks and financial houses to park vast sums of unmarketable paper on its books—securities made nearly worthless by the misjudgment and avarice of bankers. In return, the Fed has provided these scions of finance with fresh funds, cheaply, that they may lend...
  • Four months and $25 billion taxpayer dollars later

    03/31/2009 11:32:26 AM PDT · by cc2k · 11 replies · 702+ views
    The Office of Senator Mitch McConnell ^ | Tuesday, March 31, 2009
    Four months and $25 billion taxpayer dollars later from the Office of Senator Mitch McConnell Tuesday, March 31, 2009 ‘Those of us who oppose unlimited bailouts for struggling automakers don’t want these companies to fail. We want them to succeed’ WASHINGTON, D.C. - U.S. Senate Republican Leader Mitch McConnell made the following remarks on the Senate floor Tuesday regarding the administration’s auto bailout plan: “The significance of the U.S. auto industry as a symbol of American creativity, industriousness, and prosperity is hard to overstate. So is the importance of its continued survival to the millions of American workers who design,...
  • Bank of North Dakota: A Compelling Case for Nationalization?

    03/31/2009 10:20:03 AM PDT · by BGHater · 8 replies · 591+ views
    Minyanville ^ | 31 Mar 2009 | Scott Reeves
    There’s been a bit of ballyhoo lately about the Bank of North Dakota, the only state-owned bank in the United States. It was created about 90 years ago as part of the populist resistance in the Upper Midwest to New York bankers making decisions on who got farm loans. But the Bank of North Dakota isn’t a model for the creation of government-run banks to save us from the horror of Citigroup (C), Bank of America (BAC) or JPMorgan Chase’s (JPM) takeover of Washington Mutual. Here’s why: North Dakota’s population is about 640,000 and it’s hard to see how a...
  • Welcome, Businessmen, to Government Oversight

    03/30/2009 4:30:14 AM PDT · by The Working Man · 3 replies · 485+ views
    Wall Street Journal, Opinion Page ^ | March 30, 2009 | VICTORIA TOENSING
    Welcome AIG, Citicorp, GM and other stimulees to the financial controls of the stimulator, the federal government. But wait, it is now not just the recipients of Troubled Asset Relief Program (TARP) money and other taxpayer funds who are to be regulated. According to "sources," the White House is considering salary controls for "all financial institutions" and "publicly traded companies," not just those receiving "federal bailout money."
  • U.S. stock futures slump as GM may go bankrupt

    03/30/2009 3:24:28 AM PDT · by EBH · 74 replies · 1,703+ views
    Market Watch ^ | 03/30/2009 | Steve Goldstein
    LONDON (MarketWatch) -- U.S. stock futures slumped on Monday, as the White House said bankruptcy was a possibility for General Motors and Chrysler while hopes for a new round of global stimulus spending appear thwarted. S&P 500 futures fell 21.4 points to 794.70 and Nasdaq 100 futures fell 30.75 points to 1,225.20. Dow industrial futures dropped 187 points... ...Wagoner's apparent successor, COO Fritz Henderson, wasn't warmly received

    03/29/2009 4:48:33 PM PDT · by Mr. K · 63 replies · 2,813+ views
    DRUDGE REPORT ^ | 3/29/2009 | DRUDGE
    The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.
  • GM chief Wagoner to resign at Obama's request

    03/29/2009 4:34:09 PM PDT · by Flavius · 23 replies · 1,531+ views
    maerket watch ^ | 3/29/09 | market watch
    General Motors Chief Executive Rick Wagoner will resign as part of the federal government's plan to bail out the struggling automaker, White House and GM sources told CNN Sunday.
  • What Gives Obama The Right To Ask GM CEO To Step Down?

    Look, I've been against the auto industry bailout since the beginning. These companies DO NOT deserve tax payer money. These bailouts are nothing but attempts at nationalization which ooze socialism. Politicians have benefited from Unions for decades. Placating union bosses has been a windfall campaign finance tactic for a number of members of Capitol Hill. And that is the real motivation behind trying to "save" Detroit. Indeed, the economy has seen better times but Honda, Nissan and Toyota are not panhandling on the steps of the Capitol. Somehow, they are managing to build, sell and profit from selling cars in...
  • Obama's Liberty Crushing Idea of the Day

    03/24/2009 7:03:33 AM PDT · by Redwarning · 9 replies · 430+ views
    Redwarning ^ | March 24 | Redwarning
    B. Hussein Obama, meet Hugo Chavez. Obama plans to bring legislation to the Congress this week to expand the government’s power to seize financial companies other than banks. The plan would seek “broad” oversight of any financial-related business of whatever nature whose failure could, in the opinion of the Anointed One, disrupt the “broader” economy. The range of “oversight” could include guaranteeing the firms losses with taxpayer dollars, taking an ownership interest in the firm with taxpayer dollars, voiding the firms contracts, limiting salaries and wages of firm employees, and seizing the firm outright.
  • Welcome to Francis Ford Coppola’s White House

    03/17/2009 12:36:54 PM PDT · by AJKauf · 7 replies · 582+ views
    Pajamas Media ^ | March 17 | Nicholas Guariglia
    Just seven weeks into his presidency, Barack “Corleone” Obama has gone to the mattresses. His administration has lunged ruthlessly for the jugulars of its critics. His cabinet has more tax cheats than McKellys in a Dublin phone book. Crackdown on lobbyists? Fahgettaboudit. Earmark reform? We don’t need no stinking earmark reform. “Today,” the new don pontificates, “I settle all family business” — e.g., nationalizing the energy industry, socializing the health care system, and federalizing American education. Obama has parasitically used a correctable housing bubble burst and banking crises to power-grab and commit the country to more spending than at any...
  • Get Long Torches & Pitchforks: Bailouts "Absolutely Asinine," Ritholtz Says

    03/10/2009 12:07:33 PM PDT · by Jim Robinson · 10 replies · 465+ views
    Yahoo Finance ^ | March 10, 2009 | Aaron Task
    With Ben Bernanke testifying about the need for regulatory overhaul while the government is reportedly considering yet another bailout package for Citigroup, one question remains front and center: What to do with ailing banks? Barry Ritholtz, CEO of Fusion IQ, says the current bailout bonanza is "absolutely asinine" and believes there's no good reason the U.S. government should be rescuing the debt holders and counterparties of firms like AIG and Citigroup. "Why do you and I as taxpayers have to make good some bet that Goldman or Deutsche Bank [or Pimco] made?," he asks. "When you lend money to an...
  • KC Fed President for Temporary Nationalization

    03/09/2009 12:47:00 PM PDT · by BGHater · 1 replies · 309+ views
    The Baseline Scenario ^ | 07 Mar 2009 | James Kwak
    Nemo alerted me (after in turn being alerted by Calculated Risk) to a recent paper by Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, brilliantly entitled “Too Big Has Failed.” Here is an excerpt: [T]he current path is beset by ad hoc decision making and the potential for much political interference, including efforts to force problem institutions to lend if they accept public funds; operate under other imposed controls; and limit management pay, bonuses and severance.If an institution’s management has failed the test of the marketplace, these managers should be replaced. They should not be given public...
  • How to Detoxify the Banks

    03/06/2009 11:38:46 PM PST · by JimPrevor · 8 replies · 602+ views
    The Weekly Standard ^ | March 6, 2009 | Jim Prevor
    The Bush and Obama administrations have shared an unwillingness to see any of the major banks go under, hence the problem we have in solving the current banking and financial crisis. Though both presidents pointed to an alleged systemic risk to the economy owing to the size of the big banks, it is probably also true that any administration would be sensitive to the enormous weight these institutions carry as symbols of American prosperity, influence, and power. A collapse of Citigroup, for example, would be seen by many as an economic equivalent to the collapse of the World Trade Center....
  • Nationalized Banks: Why They Might Work (Barfer - Pravda MSM Media at it Again!)

    03/07/2009 12:51:50 AM PST · by wac3rd · 2 replies · 347+ views
    Yahoo! News ^ | 03-09-09 | Stephen Gandel
    IndyMac will soon earn the first half of its name back. The government, which seized the failed bank last summer, is expected to close a deal in the next week that would return the California mortgage lender to private ownership. For IndyMac, the deal means independence in less than eight months. For the government, the IndyMac sale provides a shining example that takeovers can work at a time when the Obama administration may soon begin pushing for more nationalizations. (See 25 people to blame for the financial crisis.) "The fact that the government ownership of IndyMac is coming to an...
  • Obama's Budget Seeks to Shrink Tax Benefits of Owning

    03/08/2009 1:10:16 PM PDT · by Nachum · 79 replies · 2,776+ views
    Wahington Post ^ | 3/8/09 | Kenneth R. Harney
    The cluster of special federal tax benefits and subsidies for homeowners has long seemed politically untouchable. Those include deductions for mortgage interest, local property taxes and capital gains exclusions on up to $500,000 in sale profits. Is the Obama administration serious about beginning to limit at least some of these subsidies?
  • Chavez seizes Cargill Venezuela unit

    03/04/2009 7:57:28 PM PST · by Free ThinkerNY · 52 replies · 1,918+ views
    Reuters ^ | March 3, 2009 | Patricia Rondon
    CARACAS (Reuters) - President Hugo Chavez seized a local unit of American food giant Cargill on Wednesday and threatened to nationalize Venezuela's largest private company, Polar, as he demanded industry produce cheaper rice. The clash with the food companies came less than three weeks after Chavez, a Cuba ally who has nationalized swaths of the Venezuelan economy, won a referendum on allowing him to run for reelection. "I warn you this revolution means business," said Chavez. The anti-U.S. president is popular among the poor for pressuring companies to produce cheap goods and for government programs that provide subsidized food in...
  • Nationalizing the Runway? UK Fashion giant taken over by Iceland's government

    03/03/2009 7:02:06 AM PST · by NuclearDruid · 7 replies · 316+ views
    Telegraph ^ | 8:06PM GMT 02 Mar 2009 | James Hall
    Under the terms of the deal, Kaupthing, which was Mosaic's previous lender, swapped Mosaic's £400m of debt for around 90pc of the equity of Aurora. The remainder of the equity is held by management. Kaupthing has injected working capital into Aurora. Mr Lovelock said: "We look forward to our continuing relationship with Kaupthing and to the end of a difficult chapter in our history." He thanked the retail group's suppliers for standing by the chain. "I would like to thank our employees and our many suppliers and partners for their understanding and unswerving support. Our recent past has been difficult...
  • Barack Obama Plundering America to support corporate (liberal)elite

    03/02/2009 10:12:14 AM PST · by mainestategop · 4 replies · 513+ views
    MainestateGOP ^ | MainestateGOP
    One of the things liberals love to do when making shrills against conservatives is to claim that they are backed by big business corporate capitalist elitists. Conservatives they say are interested in advancing the agenda of the rich against the poor. Conservatives are champions of the rich while they crap all over the poor. They only want to protect the privileged and elite. They give tax cuts to the super rich by cutting programs and putting our nation in debt. Also according to liberals, by electing Barack Obama, we would undo this and require that the rich pay their share....
  • Are Obama And Rahm Emanuel Preparing Us For Nationalization Of General Motors?

    03/02/2009 5:39:27 AM PST · by MindBender26 · 34 replies · 1,286+ views
    CBS Sunday Morning ^ | MB26 and CBS Sunday
    This is segment of transcript of Bob Schieffer's interview with Rahm Emanuel yesterday AM. Is this not a setup for business failure and nationalization or just plain nationalization? - - - - - SCHIEFFER: Back now with the White House chief of staff Rahm Emanuel. Mr. Emanuel, General Motors is now losing $100 millions a day. They have already spent, we are told, two-thirds of what they have already received from the government. And we're hearing they want some more. They're now asking for another $16 billion. Is the president going to do that? Because the question I have is,...
  • Three Reasons Bank Nationalization Will Keep Investors Awake at Night

    03/01/2009 12:49:18 PM PST · by An Old Man · 10 replies · 589+ views
    Money Morning ^ | February 27th, 2009 | Martin Hutchinson
    It’s a tough time to be a bank shareholder. You’re not just worrying about whether the ongoing recession or a further lurch downwards in housing prices is going to decimate the value of your bank’s loan portfolio. You’re also worrying about whether some government “stress test” or – worse still – nationalization is going to destroy most or all of your investment’s remaining value. And finally, if you’re smart, you’re worrying about whether some cockamamie government loan scheme is going to artificially force down the nice juicy interest margins your bank is earning on the new loans it makes. Clearly,...
  • And the Award Goes to...Citicorpse

    02/27/2009 5:37:21 PM PST · by The Conservative Yogini · 8 replies · 385+ views
    The Gadfly ^ | The Gadfly
    We end the week with stories of horror and disgust as we watch a devious government attempt to transform the zombie bank, Citicorpse, into a viable and healthy institution. Citicorpse is now going to be converting around $50 billion in taxpayer blood into common stock. Current shareholders get to lose all their guts. This is only one miniscule move in the long and sordid “march towards socialism”. The day's news unsettled investors. Citigroup Inc. agreed to turn over a big piece of itself to the government, a move that fanned worries that other banks would face crippling trouble with bad...
  • Toward Nationalizing U.S. Banks – Toward One World Order

    02/27/2009 8:29:45 AM PST · by Victory111 · 4 replies · 286+ views
    Cross Action News ^ | 2-27-09 | Rev. Michael Bresciani
    According to bible prophecy the single reason that the worlds last and most vicious world leader succeeds where all others before him have failed is that he doesn’t attempt to conquer the world with warfare. How does he do it? President Obama’s stimulus bill promises to keep us fully distracted, delighted and going places like back to the moon and shuttling blithely between the biggest money sucking hole in America, and the biggest fantasy diversion in the world. Now we can ride on the new magnetically driven monorail proposed between Las Vegas and Disneyworld. Cost for the American tax payer,...
  • U.S. to Take Big Citi Stake and Overhaul the Board [Nationalized!]

    02/27/2009 5:43:05 AM PST · by rabscuttle385 · 80 replies · 4,020+ views
    BY KEVIN KINGSBURY AND MAYA JACKSON RANDALL Struggling banking giant Citigroup Inc., moving aggressively to shore up its equity base, announced a stock swap Friday that if successful will leave the government owning more than a third of the company and wipe out nearly three-quarters of existing shareholders' stake. The move is an acknowledgment that more than $50 billion in government capital and a backstop on more than $300 billion in troubled Citigroup assets haven't been enough to stop the bank's slide. It also represents a deepening of the government's role in trying to prop up the U.S. banking sector....
  • Sen. Graham changes tune on BofA [Bank of Illegals]

    02/26/2009 9:11:54 PM PST · by rabscuttle385 · 9 replies · 613+ views
    Sen. Lindsey Graham, who made a political splash by speaking in favor of bank nationalization, said this week that Charlotte-based Bank of America Corp. "has a very positive outlook." That's a change from last week, when Graham said in an interview with the Observer that he doubted whether Bank of America would ever repay its $45 billion capital infusion from the government's Troubled Asset Relief Program, or TARP. Graham has advocated that the government temporarily take over some of the banks that fail the Treasury's so-called "stress test," and he hinted in the Observer interview that Bank of America could...
  • Nationalization: It's Not Just for Communists Anymore

    02/25/2009 1:09:05 PM PST · by Rufus2007 · 8 replies · 475+ views ^ | February 25, 2009 | Jeff Poor
    In America, “nationalization” used to be a dirty word. But that was prior to this era of government intervention to save industries and institutions deemed “too big to fail.” Now, state involvement in – and even ownership of – certain sectors of the national economy is called a “necessary evil.” The markets may not see it as necessary, but they’ve made no bones about it being evil. The mere mention of nationalized banks by a prominent senator sent the Dow Jones into a tail spin. With good reason, too. Vladimir Lenin wrote an entire book about it with “On Worker’s...
  • As Banking (& 401k) Woes Grow, Debate Over Nationalization Intensifies

    02/25/2009 5:39:29 AM PST · by Libloather · 3 replies · 576+ views
    PBS ^ | 2/24/09
    As Banking Woes Grow, Debate Over Nationalization IntensifiesOriginally Aired: February 24, 2009 As turmoil continues in the U.S. banking industry, speculation is intensifying over whether the government should take larger ownership stakes in banks. Columnist Paul Krugman and former FDIC chief William Isaac weigh the pros and cons. **SNIP** WILLIAM ISAAC: Well, the federal government has a lot of say in how banks operate. All these big banks have scores of resident examiners who live there. I mean, they're there every day. They go to all the committee meetings and the board meetings. The government has a huge say in...
  • Don't Nationalize Our Banks

    02/24/2009 5:44:15 PM PST · by Kaslin · 16 replies · 432+ views
    IBD Editorials ^ | February 24, 2009
    Banking: The federal government may be getting ready to nationalize one or more of America's major banks. The reason often cited for taking such drastic action is "systemic risk." Are our banks really in such dire shape?You might be surprised to discover that the answer is no. Yes, some banks are struggling right now with big losses on real estate and their securitized loan investment portfolios. But roughly 90% of America's banks are in decent shape. But you don't have to take our word for it. As the chart in the next column shows, overall lending at U.S. commercial banks...
  • Dr. Doom: Nationalizing Banks is 'Market Friendly'

    02/24/2009 12:15:10 PM PST · by marshmallow · 46 replies · 630+ views
    Yahoo Finance ^ | 2/24/09
    Nationalizing insolvent US banks is the best solution to avoid a Japan-like scenario in which 'zombie' financial institutions would eat up public resources while the US economy would teeter on the brink of depression, Nouriel Roubini, economics professor NYU and chairman at RGE Monitor told CNBC Tuesday. Bank shares have fallen on news of abysmal losses and on fears that governments across the world would step in and wipe shareholders out, dragging global stock markets down, but temporary takeover by the state of the sick institutions will insure the survival of the system, Roubini said. "The market friendly solution is...
  • Bill Clinton: Economy Will be OK, Even if Banks Nat'lized

    02/24/2009 9:41:44 AM PST · by Sub-Driver · 55 replies · 1,117+ views
    Bill Clinton: Economy Will be OK, Even if Banks Nat'lized @ 12:16 pm by Michael O'Brien Former President Bill Clinton said that though he believes the Obama administration does not want to nationalize the banks, the U.S. economy will be fine, even if the administration should have to resort to such a measure. "It's clear that the Treasury Department and the White House don't want to nationalize the banks," Clinton told CNBC's Betsy Quick in an interview aired in portions this morning. "They apparently believe that if the banks are nationalized they will be worthless to the investor, and therefore,...
  • Bernanke Helps Stocks Snap Back (Dow up 205 at time of post)

    02/24/2009 12:05:50 PM PST · by SonOfDarkSkies · 41 replies · 969+ views
    Wall St Journal ^ | 2/24/2009 | PETER A. MCKAY and GEOFFREY ROGOW
    Stocks recouped a healthy portion of the market's heavy losses from the previous session Tuesday after the Federal Reserve chairman talked down the idea of nationalizing top lenders. The Dow Jones Industrial Average, which slid nearly 251 points on Monday, was recently up about 185 points, trading around 7300. The S&P 5000 climbed 3.3% to about 768, boosted by a 10% surge in its financial sector. The Dow and the S&P are coming off their lowest closes in more than 11 years. The banking sector rally picked up steam after Federal Reserve Chairman Ben Bernanke said that nationalization of major...
  • Nationalization of U.S. Banks Not Necessary, Says Bernanke

    02/24/2009 1:00:17 PM PST · by Fred · 8 replies · 405+ views
    Mortgage Net Daily ^ | 022409 | Erik Kevin Franco
    Federal authorities do not see any advantage to nationalizing large banks since a return to profitability can be achieved through a combination of strong regulations of how rescue funds are used, and greater transparency on financial institutions, according Fed Chairman Ben Bernanke. During his semi-annual testimony to the U.S. Banking Committee on Tuesday, Bernanke said the U.S. economy cannot recover without a stabilization of the financial system, pointing to the failure of Franklin D. Roosevelt's New Deal, which failed to stabilize the financial system. In addition to the previously announced public-private sector partnership between government and large financial institutions and...

    02/24/2009 8:09:02 AM PST · by Scythian · 146 replies · 8,046+ views
    Media baron Rupert Murdoch issued an urgent internal communication late Monday, warning his staff: "We are in the midst of a phase of history in which nations will be redefined and their futures fundamentally altered."
  • If We Nationalize Our Banks They Will Become Political Institutions

    02/23/2009 7:47:00 PM PST · by richardb72 · 11 replies · 581+ views
    Fox News ^ | Monday, February 23rd, 2009 | John R. Lott, Jr.
    Why has the stock market fallen so much as politicians have talked about nationalizing the banks? If this was such a wonderful way of fixing credit markets, wouldn’t you think that stocks would go up? The discussion might not be academic any longer with reports in today’s Wall Street Journal and elsewhere that the Obama administration is talking with Citibank about taking over as much as 40 percent of the company’s stock. Such a move would make the government not only Citi’s largest shareholder, by far, but it would effectively give the government complete control. Politicians from Senate Banking Committee...