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.


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

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iVillage Member
Registered: 10-12-2008
In reply to: llhaesa
Sun, 10-12-2008 - 8:20pm
I agree.

iVillage Member
Registered: 08-20-2008
In reply to: llhaesa
Sun, 10-12-2008 - 8:24pm

"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."

I agree it's the least worst option right now, especially because Britain and other countries are doing it and therefore they will eat our companies for lunch if we don't do it for them.

iVillage Member
Registered: 03-25-2007
In reply to: llhaesa
Sun, 10-12-2008 - 8:38pm

I think that there is some good news about the Europeans and (possibly) the US buying stock in troubled banks.

Sopal

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iVillage Member
Registered: 04-02-2008
In reply to: llhaesa
Sun, 10-12-2008 - 8:49pm
That is good to see.
iVillage Member
Registered: 03-25-2007
In reply to: llhaesa
Sun, 10-12-2008 - 9:07pm

I think the market is open tomorrow.

Sopal

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iVillage Member
Registered: 08-31-2003
In reply to: llhaesa
Sun, 10-12-2008 - 9:10pm
My husband already planned to do that!
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iVillage Member
Registered: 03-26-2003
In reply to: llhaesa
Sun, 10-12-2008 - 9:22pm
Did you not read at all that less than 1/3 of the CRA loans even rated being called "sub-prime"? The CRA program did/does enable folks who make a decent living but can't buy a home with 10-20% down in part due to the market in the region (like the DC area.) I had one. The requirements were stringent and they checked our credit history, checked our assets, and made sure we were a good risk before giving us the loan. The only thing that stood in our way was we couldn't make a 10-20% down payment on the home. (At the time, my house cost $154K. I don't know about you, but I just didn't have $15-30K lying about. All my savings was in a retirement account.)

The 3 Day

Sandy
iVillage Member
Registered: 03-26-2003
In reply to: llhaesa
Sun, 10-12-2008 - 9:24pm

>The Founding Fathers of this country didn't want big government. <


Back in their day, most major highways were toll roads. Gee, don't ya just miss the bad old days?


And actually, their beef was against a too-powerful Federal government. They had nothing against states making their own "big government" decisions.

The 3 Day

Sandy
iVillage Member
Registered: 04-02-2008
In reply to: llhaesa
Sun, 10-12-2008 - 9:27pm
Good I'm going to buy something small and cheap.
iVillage Member
Registered: 10-12-2008
In reply to: llhaesa
Sun, 10-12-2008 - 9:28pm

Yes, most roads were toll roads.

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