Nationalisation
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| Sat, 10-11-2008 - 7:49pm |
It is a word unthinkable at the time of my primary vote (8 January.) Mere mention of the word would produce an immediate rebuttal of nonsense - including by me - because it seemed incomprehensible that a nation so devoted to capitalist ways, with a pro-business government... would ever go near such a topic.
Well, here we are, madness has set in. Our government plans to partially nationalise some of our biggest banks in order to forestall financial collapse. I like the idea of an equity stake in these firms, given the enormity of the bill we are asked to pay.
I'm wondering though about the sheer scope of the word, how it is contrary to so much about our outlook. What are your thoughts about this stunning, incredible, surreal change in our economic system?
Discuss... nationalisation of our banks on whatever level you wish.

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Both parties have dirt on their hands.
http://llhaesa.org/
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
http://llhaesa.org/
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
All in all, I would agree on some level with your assessment, though the intricacies of recent events leave me thinking nothing would prevent this snowball from rolling downhill, given how things were set up prior to.
Republicans have long clamoured for deregulation, but then again, some Democrats rolled over and went along with this, or failed to stand up on the issue. And count me as one who has little use for Barney Frank now, even though I fully acknowledge the man is highly intelligent. He has sold out the lgbt community twice in the last 4 years, and it ticks me off.
Some deregulation makes sense - think phone companies - but messing with banking, the blood of our economic body? Ugh, the very notion is abhorrent.
If I had my way, we would return to the laws of 1985, but with some evaluation for new technologies, etc. That means shooing away a lot of interstate banking, selling mortgages, putting loan officers back in banks. IMO, this state suffered when interstate banking descended upon us.
http://llhaesa.org/
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
When I first started, it was
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
http://llhaesa.org/
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
"I hate big government in my life. They have no business having a watchful eye over my money. I rather trust it to the private sector."
I think the private sector just proved it needs to be regulated, and the Republicans proved they are incapable of regulating.
Anyhow, without government aid for our financial institutions, we are heading for another Great Depression. Better not to cut off our noses to spite our faces. At least the equity infusions will result in our government having a stake that is easily quantifiable when it comes time to sell.
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