Socialized

Teh Shrill One;

Felix Salmon is impressed by President Obama’s response to a question about nationalization of banks. Me, not so much.

Yes, Obama is impressively articulate and well-informed — and his response shows that he has actually considered the issue. It’s light-years better than what we’ve grown accustomed to in recent years.

But his two main arguments aren’t actually very good. Yes, we have thousands of banks — but the problems are concentrated in a handful of big players. In fact, the Geithner plan, such as it is, already acknowledges this: the “stress test” is to be applied only to banks with assets over $100 billion, of which there are supposed to be around 14.

And the argument that our culture won’t stand for nationalization — well, our culture isn’t too friendly towards bank bailouts of any kind. Yet those bailouts are necessary; and even in America they may be more palatable if taxpayers at least get to throw the bums out.

Oh, and not a week goes by without the FDIC taking several smaller banks into receivership. Nationalization is actually as American as apple pie.

A lot of small banks are now the property of the United States Government. That's what happens when you insure the industry.

Nationalizing the bigger banks would allow the the government to fire those corrupt assholes that have been looting investor money for years, and turn the bank around.. then sell it back into the private sector. Why does anyone think that throwing billions at them is going to keep them from trying to figure out how to steal that as well? Fire them all... they've proven all they know how to do is run massive companies into the ground.

If I performed like that in my job, I'd not have a job in very short order.

Of course.. the Loon Brigade would to ape-shit.. but I'm wondering.. just how much longer is anybody.. anybody at all.. going to give a shit what those assholes think? They're always wrong.. by definition.