Nationalisation
Find a Conversation
| 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.

Pages
Edited 10/12/2008 7:18 pm ET by chillychillychilly
IMO, government backed loans to a market segment otherwise shut out of home ownership makes sense long term, but it has to be done with accurate information and adequate safeguards. FHA loans traditionally helped those not able to get standard loans, requiring less down payments, etc.
There is a place for this... but we moved into a world where information meant nothing at all - and that was hardly the doing of Fannie or Freddie. They did not institute the credit default swaps that blew past insurance regulation.
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
Not really. By whose measure is someone credit worthy? In my experience, banks were very responsible in the 1980s. Things only began to go awry in the 1990s, when many states tossed out interstate banking laws, banks spun off loan officers into independent contractors and brokers, and they began to sell mortgages in bundles.
The Act you refer to was harmless. Actually, it was a worthy thing to do.
http://llhaesa.org/
Full length fiction: worlds undone
"You have no power over my body..." ~ Anne Hutchinson
On CNBC they were talking government owning non-voting shares which would presumably be sold when the price rose again.
Sopal
<?xml:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" />
Pages