Nationalisation

iVillage Member
Registered: 08-13-2008
Nationalisation
79
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.


Full length fiction: worlds undone

"You have no power over my body..." ~ Anne Hutchinson

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iVillage Member
Registered: 08-31-2003
In reply to: llhaesa
Sat, 10-11-2008 - 9:46pm

Both parties have dirt on their hands.

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iVillage Member
Registered: 08-13-2008
In reply to: llhaesa
Sat, 10-11-2008 - 9:51pm
I was a commercial underwriter, and reinsurers would take us to lunch, seeking our business. Reinsurers could seriously drink. :)

Full length fiction: worlds undone

"You have no power over my body..." ~ Anne Hutchinson

iVillage Member
Registered: 08-13-2008
In reply to: llhaesa
Sat, 10-11-2008 - 9:54pm
Sorry, the video won't play.

Full length fiction: worlds undone

"You have no power over my body..." ~ Anne Hutchinson

iVillage Member
Registered: 08-20-2008
In reply to: llhaesa
Sat, 10-11-2008 - 9:59pm
Habits I still find today...;)
iVillage Member
Registered: 08-13-2008
In reply to: llhaesa
Sat, 10-11-2008 - 10:08pm

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.


Full length fiction: worlds undone

"You have no power over my body..." ~ Anne Hutchinson

iVillage Member
Registered: 04-02-2008
In reply to: llhaesa
Sat, 10-11-2008 - 10:22pm
Yes remember in the "olden days"
iVillage Member
Registered: 08-13-2008
In reply to: llhaesa
Sat, 10-11-2008 - 10:22pm

When I first started, it was


Full length fiction: worlds undone

"You have no power over my body..." ~ Anne Hutchinson

iVillage Member
Registered: 09-26-2008
In reply to: llhaesa
Sat, 10-11-2008 - 10:24pm
Nah - ask Mr. Whiner - Phil Gramm - who brought this on in
iVillage Member
Registered: 08-13-2008
In reply to: llhaesa
Sat, 10-11-2008 - 10:24pm
I like the idea of loan officers in the bank, and the bank lending its money locally, then servicing their loans. Perhaps a better approach to selling mortgages might be reinsuring the bank's book of mortgage business. Definitely doable, ceding risk, but leaving the bank with a strong incentive to sound underwriting practice.

Full length fiction: worlds undone

"You have no power over my body..." ~ Anne Hutchinson

iVillage Member
Registered: 08-20-2008
In reply to: llhaesa
Sat, 10-11-2008 - 10:26pm

"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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