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
Sun, 10-12-2008 - 4:22pm

"Discuss... nationalisation of our banks on whatever level you wish. "


I wish I had a

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iVillage Member
Registered: 03-25-2007
In reply to: llhaesa
Sun, 10-12-2008 - 5:20pm

New article yesterday in the news about the Fannie/Freddie connection (or lack thereof) to the current crisis.

Sopal

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iVillage Member
Registered: 03-25-2007
In reply to: llhaesa
Sun, 10-12-2008 - 5:28pm

Admittedly, nationalizing a bank scares the heck out of many of us.

Sopal

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iVillage Member
Registered: 03-26-2003
In reply to: llhaesa
Sun, 10-12-2008 - 5:55pm
Thanks for posting this. I particularly remember making the same argument in another thread when folks tried to assert that it was special programs to increase home ownership were the problem. I had a CRA loan, and I've had no problems with it.

The 3 Day

Sandy
iVillage Member
Registered: 08-29-2008
In reply to: llhaesa
Sun, 10-12-2008 - 6:46pm
Actually it was President Bush and the Democrat led congress who were in favor of this. The Republicans were the ones who said "not so fast".
iVillage Member
Registered: 08-29-2008
In reply to: llhaesa
Sun, 10-12-2008 - 6:49pm
This problem reaches all the way back to the 70's. It isn't something that's happened overnight, or in the last eight years. I'm sure you know that.
iVillage Member
Registered: 08-13-2008
In reply to: llhaesa
Sun, 10-12-2008 - 6:50pm
I look at it a bit differently. Our intent should be to move these banks back to profitability, then sell our stake and at least make our money back. I'm with you on not being in banking long term.

Full length fiction: worlds undone

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

iVillage Member
Registered: 08-13-2008
In reply to: llhaesa
Sun, 10-12-2008 - 7:03pm
I've not seen anything tying it back that far. Would you mind sharing some sources on this?

Full length fiction: worlds undone

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

iVillage Member
Registered: 08-31-2003
In reply to: llhaesa
Sun, 10-12-2008 - 7:03pm

Obviously you've given this a lot more thought than I.

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iVillage Member
Registered: 08-13-2008
In reply to: llhaesa
Sun, 10-12-2008 - 7:13pm

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.



Full length fiction: worlds undone

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

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