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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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 Posted: Sun Feb 15, 2009 3:41 pm Post subject: GOP leader calls for nationalizing the banks |
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Well, not exactly, but he comes close:
Graham: Nationalizing Banks Should Be On The Table
"This idea of nationalizing banks is not comfortable," said Sen. Lindsey Graham (R-SC). "But I think we've got so many toxic assets spread throughout the banking and financial community, throughout the world, that we're going to have to do something that no one ever envisioned a year ago, no one likes. To me, banking and housing are the root cause of this problem. I'm very much afraid any program to salvage the banks is going to require the government... I would not take off the idea of nationalizing the banks."
http://www.huffingtonpost.com/2009/02/15/graham-nationalizing-bank_n_167048.html
Personally, I say hang the dirty socialist running dog in capitalist-sheep clothing from the nearest lamp post. Oh wait, it's only socialism when a Democrat suggests something.
It gets hard sometimes to figure out when a politician is being honest and when he's playing politics. |
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michaelambling
Joined: 31 Dec 2008
Location: Paradise
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| Posted: Sun Feb 15, 2009 4:39 pm Post subject: Re: GOP leader calls for nationalizing the banks |
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| Ya-ta Boy wrote: |
Well, not exactly, but he comes close:
Graham: Nationalizing Banks Should Be On The Table
"This idea of nationalizing banks is not comfortable," said Sen. Lindsey Graham (R-SC). "But I think we've got so many toxic assets spread throughout the banking and financial community, throughout the world, that we're going to have to do something that no one ever envisioned a year ago, no one likes. To me, banking and housing are the root cause of this problem. I'm very much afraid any program to salvage the banks is going to require the government... I would not take off the idea of nationalizing the banks."
http://www.huffingtonpost.com/2009/02/15/graham-nationalizing-bank_n_167048.html
Personally, I say hang the dirty socialist running dog in capitalist-sheep clothing from the nearest lamp post. Oh wait, it's only socialism when a Democrat suggests something.
It gets hard sometimes to figure out when a politician is being honest and when he's playing politics. |
Well, isn't a government-regulated banking system socialist? By bailing out the banking system, America has already become a socialist state. This isn't necessarily a bad thing--"socialism" has only been a dirty word sense the belligerence of McCarthy.
What I find most interesting is how the last decade has obliterated the traditional perspectives of the left and right wing. All of a sudden, you have Republicans pushing socialism and democrats wanting to curb government spending. What a weird world we live in. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sun Feb 15, 2009 5:00 pm Post subject: |
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| Well, isn't a government-regulated banking system socialist? By bailing out the banking system, America has already become a socialist state. |
Aren't you over-stating the case? Socialism as I understand it is the public ownership of the major means of production. I don't equate regulation with ownership.
I'm of the view that I am more free when everyone obeys the laws than I would be if there were no laws at all. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Feb 15, 2009 5:13 pm Post subject: |
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| It wouldn't be a permanent nationalization, but a temp one, along the Swedish example. It is a virtual certainty to happen. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Mon Feb 16, 2009 3:51 am Post subject: |
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| It is a virtual certainty to happen. |
An awful lot of awfully smart people are saying so. Obama says he doesn't want to, that Sweden's case was far simpler than ours. If nothing else, I think he's being smart to go slow on it. If he'd come out immediately and nationalized banks, there would have been hell to pay with the opposition. The screaming would have made Stalin turn over in his grave.
If it has to be done, the smart thing is to be on record as being against it until the opposition publically begs Obama to do it. It will be very hard for them to afterwards paint him as a radical. |
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michaelambling
Joined: 31 Dec 2008
Location: Paradise
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| Posted: Mon Feb 16, 2009 4:02 am Post subject: |
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| Ya-ta Boy wrote: |
| Quote: |
| Well, isn't a government-regulated banking system socialist? By bailing out the banking system, America has already become a socialist state. |
Aren't you over-stating the case? Socialism as I understand it is the public ownership of the major means of production. I don't equate regulation with ownership.
I'm of the view that I am more free when everyone obeys the laws than I would be if there were no laws at all. |
You're right--regulation isn't socialism, but the 700 billion dollar bailout was a government stake in the banks--i.e., partial ownership. So, I suppose I misspoke; we now have partially government-owned banks, so we're already on the road to socialism. I, for one, welcome the revolution; Scandinavia proves that socialism works very, very well. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Mon Feb 16, 2009 6:44 am Post subject: |
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They likely won't call it nationalization.
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| "Some clever advocates of nationalization have come up some alternative names, Dan. Some of them include government receivership, and my favorite is preprivatization." |
John Hendren, ABC News, Feb 15, 2009
http://www.calculatedriskblog.com/2009/02/preprivatization.html
There is no real way to know what to and not to do. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Mon Feb 16, 2009 2:40 pm Post subject: |
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| Ya-ta Boy wrote: |
| Quote: |
| It is a virtual certainty to happen. |
An awful lot of awfully smart people are saying so. Obama says he doesn't want to, that Sweden's case was far simpler than ours. If nothing else, I think he's being smart to go slow on it. If he'd come out immediately and nationalized banks, there would have been hell to pay with the opposition. The screaming would have made Stalin turn over in his grave.
If it has to be done, the smart thing is to be on record as being against it until the opposition publically begs Obama to do it. It will be very hard for them to afterwards paint him as a radical. |
I don't have any confidence in Obama re: this economic crisis. The stuff he says sounds level-headed at first, but doesn't hold up on examination. Yeah, he's minimally competent, but he seems way out of his league here. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Mon Feb 16, 2009 7:46 pm Post subject: |
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Why should we and our children and grandchildren pay for the greed and mistakes of today's bankers? Let them go bankrupt and suffer.
We, too, will have to suffer today a bit, too, but it will be much less than our progeny will have to suffer tomorrow. The sooner we start, the sooner we get it over with. |
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canuckistan
Mod Team
Joined: 17 Jun 2003
Location: Training future GS competitors.....
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| Posted: Mon Feb 16, 2009 11:57 pm Post subject: |
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| Kuros wrote: |
| Ya-ta Boy wrote: |
| Quote: |
| It is a virtual certainty to happen. |
An awful lot of awfully smart people are saying so. Obama says he doesn't want to, that Sweden's case was far simpler than ours. If nothing else, I think he's being smart to go slow on it. If he'd come out immediately and nationalized banks, there would have been hell to pay with the opposition. The screaming would have made Stalin turn over in his grave.
If it has to be done, the smart thing is to be on record as being against it until the opposition publically begs Obama to do it. It will be very hard for them to afterwards paint him as a radical. |
I don't have any confidence in Obama re: this economic crisis. The stuff he says sounds level-headed at first, but doesn't hold up on examination. Yeah, he's minimally competent, but he seems way out of his league here. |
Well monsieur Kuros this financial crisis is way out of any league a US president has had to deal with since the Great Depression.
A fine mess the village idiot left us with. |
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