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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"Discuss... nationalisation of our banks on whatever level you wish. "
I wish I had a
New article yesterday in the news about the Fannie/Freddie connection (or lack thereof) to the current crisis.
Sopal
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Admittedly, nationalizing a bank scares the heck out of many of us.
Sopal
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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
Obviously you've given this a lot more thought than I.
Please don't think of me as knowledgeable on this; I really know no more than you do.
I can understand the fear of government involvement - which is why I started this thread to begin with, it just seems so surreal (despite the occasional socialism teasing that goes on here, I am no socialist.)
In this case, I see the government as completely unprepared to handle banking needs, other than very basic but important things - like solvency. Beyond that, getting products to market, I don't see them as having any qualifications. Their role should be in regulation and monitoring.
The UK is acting, and I suspect their actions will heavily influence our own monetary decision makers. The best scenario is probably seeing this through for 2-3 years, then slowly selling off the assets for a reasonable return, then getting back to oversight, not running.
http://llhaesa.org/
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
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