Lindsey Graham: We might have to nationalize the banks

posted at 2:00 pm on February 15, 2009 by Allahpundit

It’s fitting that Maxine “Let’s nationalize the oil industry” Waters is there for the occasion. “We’ve come a long way” indeed.

Here’s the Roubini op-ed to which Stephanopoulos refers at the beginning. Quote:

Basically, we’re all Swedes now. We have used all our bullets, and the boogeyman is still coming. Let’s pull out the bazooka and be done with it.

Exit question: How’s Michael Steele going to explain to Glenn Beck six months from now why the Senate GOP voted for socialism?


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Comment pages: 1 2

Have at it.

Pile on.

artist on February 15, 2009 at 2:02 PM

Didnt we go through this with Andrew Jackson ?

What is it the 1830s again ?

William Amos on February 15, 2009 at 2:04 PM

Good lord . . . those four give the words “no confidence” an entirely new meaning. I don’t know whether to cry or laugh hysterically.

rplat on February 15, 2009 at 2:05 PM

I hope these people are not so stupid as to think that no one ‘envisioned’ these things happening.

BobH on February 15, 2009 at 2:06 PM

This whole meltdown is engineered. There is absolutely no way that a bunch of “highly educated” Yale and Harvard trained experts who brought down the economy didn’t see this coming. They are making it happen intentionally. This is a Socialist takeover.

There’s a Revolution coming. I can feel it in the air.

Guardian on February 15, 2009 at 2:07 PM

Michael Steele: You have no reason to trust us at this point

Don’t worry; we don’t.

Disturb the Universe on February 15, 2009 at 2:08 PM

this isn’t a bailout, its a takeover.

rob verdi on February 15, 2009 at 2:08 PM

Maybe his ventriloquist will explain it to us. Does this mean Maverick is on board? Cuz I don’t see Grahamnesty saying anything that his master has not approved of first.

AUINSC on February 15, 2009 at 2:08 PM

United Socialist States of America (USSA)

Disturb the Universe on February 15, 2009 at 2:09 PM

Can you wait until he takes an actual position in the Senate to jump all over him?
I remember people were sure he was going to kiss Obama’s ring because he didn’t sound hostile toward him all the time. He didn’t.
Let’s embrace our Senators not feeding the obstruction meme, and giving them the chance to argue against actual proposals on principle.

MayBee on February 15, 2009 at 2:09 PM

Nouriel Roubini is one of few individuals that saw this coming. He has said that nationalization is the only way to fix the insolvent banks.

So, while the scare-word of nationalization keeps getting tossed around, the rest of the story is being ignored.

After nationalization, the banks get fixed, then re-privatized. That’s the tricky part. Do we trust the government to do so?

If they move forward with this, that is the part we need crystal clear. No nationalization without privatization.

DWB on February 15, 2009 at 2:15 PM

Maxine looks downright giddy at the prospect, doesn’t she?

Disturb the Universe on February 15, 2009 at 2:16 PM

Do not attempt to adjust your monitors or keyboards,
apparently Earth is passing through an anomaly in
space,causing only politicians located in North
America,

to inexplicably lose their political judgements,and
according to NASA,this anomaly will continue for at
least 3 years,and 11 months!

And one of the side affects is,of politically leaning
to the LEFT,which means Left will become extreme LEFT,
and RIGHT will slide further LEFT!!——(Snark!)

canopfor on February 15, 2009 at 2:16 PM

Waters is there for the occasion. “We’ve come a long way” indeed.

The oil execs have run their businesses competently while many of the bank execs managed their businesses into insolvency.

The government is already the biggest shareholder of Citigroup. Nationalization is a bad idea but Citi is already effectively a ward of the state.

dedalus on February 15, 2009 at 2:17 PM

I warned you guys about Micheal Steele

GOP makeover gets fresh face from Wisconsin
State’s party chairman working with new RNC chief

“It’s tough to swim against the tide when your own party is messing up nationally,” said Wisconsin congressman Paul Ryan, a good friend of Priebus’.

“He is a younger conservative who believes in expanding the base and making it more inclusive,” said Ryan, a Janesville Republican.

Like Steele, Priebus says “we need to build bridges without compromising our principles.”

They say the GOP needs to catch up to Democrats technologically and energize disillusioned conservatives while competing for young and minority voters and expanding a shrinking geographic base.

William Amos on February 15, 2009 at 2:18 PM

This is boiling down to the classic US vs. THEM fight with US being non-politician, non – boardroom working people (white & blue collar) and THEM being the mahogany row silver spoon set and our elected representative – beltway elitists (regardless of party affiliation), whom are doing everything but represent and act in our interests. This is getting very old very fast.

dmann on February 15, 2009 at 2:21 PM

Maxine Waters: That liberal is about nationaliza… uhhh… uhhh…

I thought she would have learned her lesson the first time.

Glenn Jericho on February 15, 2009 at 2:21 PM

If they move forward with this, that is the part we need crystal clear. No nationalization without privatization.

DWB on February 15, 2009 at 2:15 PM

Yeah, Roubini and Meredith Whitney were right and the bank execs failed their shareholders. The execs and shareholders deserve to be wiped out and the taxpayer’s investment protected, but you are right that we don’t want congress running a bank–not even for a day.

Cit and BofA are “too big to fail”. I think Treasury is just trying to buy time hoping that they can recover or at least prepare for an orderly FDIC takeover.

dedalus on February 15, 2009 at 2:22 PM

There are no real democrats any more, maybe for the 11 that voted against the porculus, all the others are socialists.

Kini on February 15, 2009 at 2:23 PM

MREs

All the contents of the MREs are contained in an aluminum-lined polyethylene and have a 5-10 YEAR SHELF LIFE.

Forget gold, because this may be the hot investment commodity of the near future.

DFCtomm on February 15, 2009 at 2:25 PM

Roubini is a broken clock that’s right twice a day. He wasn’t the only genius who saw a crash coming.

Not all the banks are insolvent, in fact very few of them would be if the government would get rid of the mark-to-market rule. If that rule had been in existence in 1992 almost every bank in the U.S. as well as Fannie and Freddie would have been insolvent. We didn’t need to nationalize them then either, though we did need to let some of the banks fail. That cost $90 billion and we’ve already spent 6 times that much.

Lindsey Graham doesn’t know jack about banking and he needs to STFU about it.

rockmom on February 15, 2009 at 2:26 PM

Nationalize the banks = control the flow of money to the economy. Fairness Doctrine = censorship of the opposition. Is the total rape of our country going to be this obvious?

volsense on February 15, 2009 at 2:27 PM

Nice new irrelevant poll at CNN’s site.

Is President Barack Obama, as Sen. John McCain says, off to “a bad beginning”?

Currently it’s:

Yes 32% 843
No 68% 1832

timinnc on February 15, 2009 at 2:28 PM

The Media in this case ABC is astroturfing for the Obama administration it looks like this Diane Sawyer special was intentional to drum up support for the so called Stimulus Bill, listen to her on the View last Monday, then listen to Mitch McConnell’s Minority Leader of the Senate from KENTUCKY’s opposition to the Bill on CSPAN. Since when are journalist supposed to be promoting legislation in Congress? This is an update.

http://youhavetobethistalltogoonthisride.blogspot.com/2009/02/diane-sawyer-2020-hidden-america_15.html

Dr Evil on February 15, 2009 at 2:31 PM

Why don’t all you Rich Lawmakers Dems and Repubs pay for these people’s houses insead of us law abiding citizens. You guys have money use yours and not ours. This is starting to piss me off. I don’t own a house cause I can’t afford one. Maybe I should go out and buy one so everyone else can pay for it for me. Hell why should I be left out. Being military I don’t want to be suck with a house I can’t get rid of either. Can’t people think UGH!

I know tons of people who are in debt up to their eyeballs and if they know the government will bail them out they will quit paying. I know what we can afford and what we can’t I wish others would do the same damn thing.

Lindsey You pay for all the bad mortgages leave me out of it.

Brat4life on February 15, 2009 at 2:32 PM

Roubini is a broken clock that’s right twice a day. He wasn’t the only genius who saw a crash coming.

Oh heck, I saw this coming back in 2001 when I first developed a full understanding of Freddie and Fannie and the role the Federal Govt played in finance. Back when Enron burst, I was saying: “Folks, there is a bigger mess and it’s being hidden by those who caused it–Govt and Freddie and Fannie”.

As far as banks, plenty are solvent, those that aren’t should fail. Just like the Auto industry. Yes it will hurt us in the short run but nationalizing ANYTHING will kill us slowly over the long term.

And Lindsey Graham is a pansy. He makes my skin crawl.

It amazes me that people think Govt is the “parent” and business the “child”.

Each day I move closer to those who believe a revolution is coming, I am just not sure how severe. I do NOT want to believe that. But Individualism vs Collectivism is going to happen.

Montana on February 15, 2009 at 2:33 PM

Notice the stark difference in attitudes?

Waters was smiling and Graham was very morose.

cryptojunkie on February 15, 2009 at 2:34 PM

McLame’s lap dog barked up the wrong tree. Any little minutia of credibility he has left has gone out the window along with McLame.
RINOS need to be extinct. Fresh new conservative blood is needed in Washington.

jencab on February 15, 2009 at 2:36 PM

Guardian on February 15, 2009 at 2:07 PM

I think you are right.

boomer on February 15, 2009 at 2:40 PM

You always can count on Lindsey Graham to be part of whatever “Gang of sellout” there is.

wildcat84 on February 15, 2009 at 2:40 PM

Obama got rid of the Winston Churchill bust in the White House. Doesn’t care for Sir Winston’s actions regarding the Mau Mau Rebellion. Perhaps Obama should put up busts of President’s Jackson, Grant and FDR. Partisan politics in civil service, corruption and government expansion! Change we can believe in.

Mr. Joe on February 15, 2009 at 2:41 PM

Linsey Graham did say if this stimulus is an example of bipartisanship under Obama, the country is screwed. Graham is not the problem here, our ire should be on Specter, Collins and Snowe.

Mr. Joe on February 15, 2009 at 2:42 PM

Actually, Lindsey is right. Nobody is remotely interested in upholding the Constitution in DC. They are all enemies of the state, and should be dealt with accordingly.

*crickets*

Ah well folks, you get what you deserve.

LimeyGeek on February 15, 2009 at 2:42 PM

“We’ve come a long way”. Makes me want to punch her in the face, metaphorically of course.

That said, for the sake of argument and with a minimum of hysteria and hyperbole, I need to see alternative solutions or comparisons of what happens if we do or do not nationalize. Megan McArdle argues it just wont work in the US:

http://meganmcardle.theatlantic.com/archives/2008/09/why_not_nationalize_like_swede.php

That’s fine, but what then? Dont nationalize, dont 1 trillion “stimulus spending” but do…? Tax cuts? That’s it? What else?

Dash on February 15, 2009 at 2:43 PM

That’s it, I’m through. I’m joining the Democratic Party. There is no party of opposition. There is no difference between the Democrats, and the Republicans. At least as a Democrat, there are some perks to being in the party.

A) It’s a given that you are not racist, or sexist, because you are in the correct party.

B) Paying Taxes is considered optional.

C) You don’t have to actually do anything that you think others should, like reduce the amount of Global Warming you personally may be responsible for, you just have to whine about it now and then.

Finally D) Since the Republican Party is going to do the exact same legislative policies, and not have the advantages of A, B, or C above, there is no reason to be a Republican.

Snake307 on February 15, 2009 at 2:44 PM

Dash on February 15, 2009 at 2:43 PM

Whatever we do, don’t you think it should be in accordance with the Constitution? Or am I being an old-fashioned fuddy-duddy?

LimeyGeek on February 15, 2009 at 2:45 PM

My God,Its Full of Socialists.

Kini on Feb 15,2009 at 2:20PM.

Kini:Ya don’t say!:)

If your vot’n Republican,your a Republican!

and if your vot’n,with Democrats,yer a Liberal!!:)

canopfor on February 15, 2009 at 2:46 PM

Let’s nationalize the Banks
Let’s nationalize the car industry
Let’s nationalize medical services

Yeah, let’s become a socialist nation.

This is what our forefathers armed us for. We have let the elites, politicians, and special interests ruin our country and it’s time to stand and take it back, by force if necessary. Enough is enough.

Let’s Kick the bums out.

Ernest on February 15, 2009 at 2:47 PM

I’m afraid that this will have to happen.

lexhamfox on February 15, 2009 at 2:48 PM

I certainly would like to hear more about the closed door hearings in which the Sept 11 drawdown/withdrawal from US money funds that precipitated this whole thing,,,,supposedly. Who, what where,when,to whom, etc. Where is the inquiring press when you need them. Oh, sorry,,they were all in bed with the Mighty O,,forgot.

retiredeagle on February 15, 2009 at 2:51 PM

We have let the elites, politicians, and special interests ruin our country

Yes, we have. We are the problem. We need to correct ourselves and our view of America.

If we do that, there will be no consent available for the fascists to manipulate.

LimeyGeek on February 15, 2009 at 2:52 PM

Well, say what you want about Lindsey Graham, I still think he is one helluva coffin sales rep. How could you say no to all those teeth?

ericdijon on February 15, 2009 at 2:53 PM

Without researching it, I suspect I know who Maxine Waters’s constituents are.

Even so. Can a majority of them be so stupid that they’d send this nitwit to Congress? She’s an absolute idiot.

BuckeyeSam on February 15, 2009 at 2:53 PM

McCain’s mini-me butt puppet is all for nationalizing banks. In the meantime, Mr. “bi-partisan” is ready for another reach around session…

McCain wants to sit down with Obama again

Same old, same old…

Fletch54 on February 15, 2009 at 2:54 PM

7. ANDREW JACKSON 1829-1837

The greatest party battle centered around the Second Bank of the United States, a private corporation but virtually a Government-sponsored monopoly. When Jackson appeared hostile toward it, the Bank threw its power against him.

Clay and Webster, who had acted as attorneys for the Bank, led the fight for its recharter in Congress. “The bank,” Jackson told Martin Van Buren, “is trying to kill me, but I will kill it!” Jackson, in vetoing the recharter bill, charged the Bank with undue economic privilege.

Speakup on February 15, 2009 at 2:54 PM

5 communists sitting at a table.

VolMagic on February 15, 2009 at 2:56 PM

Lose them or Lose Us List:

McCain
Specter
Snowe
Collins
Graham
Voinovich (retiring)
Martinez (retiring)

Just keeping track of GOP Senators who need to be culled from the ranks.

Remember to remind Mike Steele and The RNC: NOT. ONE. PENNY!

It’s US or THEM, Mike.

Take your pick: 5 Senators (and counting, and I assure you: We ARE counting.) or the party from the bottom up.

SuperCool on February 15, 2009 at 2:59 PM

BTW,isn’t it interesting how this DOOMSDAY SCENARIO,

serendipishly(serendipty)happened just before an American
election,and Hopey/Changey is in NO PANIC to sign it!

And,this ‘Bailout’,is how shall I say,calculated to cruise
right on up to the next election,or close to it!

Expanding the Liberal Socialist base,A BILLION AT A TIME!!!

canopfor on February 15, 2009 at 3:00 PM

There’s a Revolution coming. I can feel it in the air.

Guardian on February 15, 2009 at 2:07 PM

You bet.

BallisticBob on February 15, 2009 at 3:01 PM

We don’t need a “People’s Bank.”

mindhacker on February 15, 2009 at 3:02 PM

That’s it. Tom Daschle is doing my taxes this year.

Ronnie on February 15, 2009 at 3:02 PM

See Congress nationalize banks.
Watch Dick and Jane and the rest of the unwashed masses start their own banking/bartering system.
See Congress blow a gasket and declare all such private systems illegal.
Watch Dick, Jane, Jerry, Alice and 250 million friends secede leaving Congress to rule over just the East Coast from Maryland North, the entire West Coast and Chicago as the remnants of the United States of America.
See former Congresscritter Lindsay Graham work the street corner selling used pencils.

SeniorD on February 15, 2009 at 3:14 PM

Maxine Waters never met a subject, predicate and an object she could successfully string together.

D2Boston on February 15, 2009 at 3:15 PM

During the 2000 election, Democrats would throw a fit if you called them socialists. Now that they think they have a mandate, the truth comes out.

clearbluesky on February 15, 2009 at 3:18 PM

Yes, we have. We are the problem. We need to correct ourselves and our view of America.

If we do that, there will be no consent available for the fascists to manipulate.

LimeyGeek on February 15, 2009 at 2:52 PM

I agree with you but only a calamity is going to accomplish this goal, and fortunately we have one brewing.

DFCtomm on February 15, 2009 at 3:19 PM

Maxine Waters never met a subject, predicate and an object she could successfully string together.

D2Boston on February 15, 2009 at 3:15 PM

An’ she wuz a publik skool teacha!

SuperCool on February 15, 2009 at 3:19 PM

Obama got rid of the Winston Churchill bust in the White House. Doesn’t care for Sir Winston’s actions regarding the Mau Mau Rebellion. Perhaps Obama should put up busts of President’s Jackson, Grant and FDR.

Mr. Joe on February 15, 2009 at 2:41 PM

Or perhaps he should just hang a picture of his real hero, his Kenyan Communist daddy — the lying, drunken, bigamist loser whose most notable personal characteristic (according to the people who knew him) was his colossal arrogance.

AZCoyote on February 15, 2009 at 3:20 PM

Didnt we go through this with Andrew Jackson ?

What is it the 1830s again ?

William Amos on February 15, 2009 at 2:04 PM

Kinda feels like it in other ways, too. They already want to steal my home. I guess next I’ll have to walk to Oklahoma.

dinobalz on February 15, 2009 at 3:21 PM

Eastern Europe comes out from under socialist tyranny cica 1990.

USA entering under neo-socialist tyranny circa 2010.

Time to move to Poland?

profitsbeard on February 15, 2009 at 3:30 PM

No, no, no, no, no, no, NO!

Let. Them. Fail!

Militant Bibliophile on February 15, 2009 at 3:35 PM

Well, it is a new idea other than tax cuts for the wealthy.

“Let’s pull out the bazooka and be done with it.”

The last option is upon us.

getalife on February 15, 2009 at 3:39 PM

Eastern Europe comes out from under socialist tyranny cica 1990.

USA entering under neo-socialist tyranny circa 2010.

Time to move to Poland?

profitsbeard on February 15, 2009 at 3:30 PM

I have been thinking about that, and the former soviet satellite states look like the place to be as the western world becomes increasingly socialist.

DFCtomm on February 15, 2009 at 3:42 PM

This is disgusting. What f’ing country am I in?

Why would nationalizing help? The gov’t screws up everything.

CP on February 15, 2009 at 3:42 PM

As I’ve written before, the Republicans and Democrats are in this together for no other reason than to get re-elected. A government “of,by,and for the politicians”. Maybe Ron Paul wasn’t so crazy afterall.

No more wasted votes on Republicans. From here on in, no matter how futile, I’m voting Libertarian. This is a socialist takeover by both sides of the aisle..So,so sad…

adamsmith on February 15, 2009 at 3:48 PM

There’s a Revolution coming. I can feel it in the air.

Guardian on February 15, 2009 at 2:07 PM

Well, rather than “feeling” for it, you might look for signs that you can watch, instead. Watch for any movement to take your guns and/or ammunition away, because I believe that will be the flash point.

As for this intellectual midget Lindsay Graham, he’s at about at the right depth in a panel with Maxine Waters and Georgie Boy. Economic illiterates, all of them. Maxine’s only qualification for office is that she is black, and her illiterate, racist constituents have only one rule for elected officials.

George is a staffer for a liberal Democrat, and therefore isn’t qualified to do anything.

And Graham is a JAG, which means he gets to wrap himself in the flag for his Carolina voters, despite having never lifted a finger to do anything for his country except prosecute soldiers. He should have been relieved of duty by the voters of Carolina, but they lacked the sense.

As always, there is no one to blame for our government but ourselves. We get the government we deserve.

Jaibones on February 15, 2009 at 3:54 PM

Let. Them. Fail!

Militant Bibliophile on February 15, 2009 at 3:35 PM

Let them fail.

Jaibones on February 15, 2009 at 3:55 PM

We have used all our bullets, and the boogeyman is still coming. Let’s pull out the bazooka STICK IT IN OUR MOUTH and be done with it.</blockquote

There, that is more like it.

conservnut on February 15, 2009 at 3:57 PM

Graham gets stranger by the day. With any luck at all he’s just gone senile and not Socialist.

johnsteele on February 15, 2009 at 3:57 PM

LET THE BANKS FAIL.

We’re going to have to deleverage at some point.
How many billions has the government poured into failing banks in order to give them a “soft landing”?

To listen to President Obama and our elected oligarchs it seems the choice we have before us now is:

A)Let the government spend forever in order to ease the pain, or

B)Follow the capitalist system and let the banks and businesses that are in trouble pay for their mistakes.

If this is the choice, I take Option B. Yes, it will be very painful for this country, but we might still have a nation ruled by the Constitution and capitalism at the end of it not the socialist mess we seem to be running headlong towards.

sdun1 on February 15, 2009 at 3:59 PM

Will the aliens who hijacked the U.S.A. please bring it back? I miss it very much.

kingsjester on February 15, 2009 at 4:05 PM

Money plays the largest part in determining the course of history
- Karl Marx

MB4 on February 15, 2009 at 4:06 PM

I’ll be away for a few hours, and unable to have this discussion, but here goes.

This morning, members of my church who spent a week working in New Orleans (which has financially supported the reconstruction of a home and church in the 9th Ward) made a series of statements about their “feelings” when they went there last week. Among them:

- All expressed horror at seeing the devastation and the lack of rebuilding since.

- One expressed her horror at the willingness of those responsible for rehabilitation (Mennonites, I think) of the project to repair what she would have bulldozed, since she would never want to live there.

- The only African-American of the group believes that NOLA exposes to us all what the government thinks about “poor persons of color”.

I mentioned earlier that I have been reading Atlas Shrugged since Obama took over, and the parallels between the fictional world that Rand imagines and this one are astonishing.

Too many to list, but those who have read it will understand (Fairness Doctrine, anyone?). I think of the various areas around the country that have been devastated by natural disaster or economic change, where reconstruction made no sense – Homestead, Florida, many areas along major rivers, especially farms along the Mississippi in Illinois and Iowa – and I wonder why no one perceived an assault on white people of Swedish and German descent.

Why would anyone want to rebuild in this underwater shithole?

Jaibones on February 15, 2009 at 4:07 PM

Not all the banks are insolvent, in fact very few of them would be if the government would get rid of the mark-to-market rule. …

rockmom on February 15, 2009 at 2:26 PM

Getting rid of mark-to-market reduces transparency in the system and creates a fiction over what assets are truly worth. Banks that argue for repeal say that they shouldn’t have to mark down assets that they have no intention of selling – but what if they actually need to liquefy those assets? Then SURPRISE! They’re actually worth only a fraction of what they told their shareholders the assets were worth.

Blankfein had it right when he told Congress last week to keep the rules in place.

1) It forces real-time risk management.
2) It provides an accurate accounting to investors.

But he argued for stricter application of accounting rules regarding the practice, with which I agree. You have to be strict in marking down assets, but you also have to be strict in marking them UP. Part of today’s problem is that the banks were too aggressive in marking up assets, so now they have farther to fall. Plus, the banks’ operations were based on a level of capital they didn’t actually have.

alflauren on February 15, 2009 at 4:11 PM

This whole meltdown is engineered. There is absolutely no way that a bunch of “highly educated” Yale and Harvard trained experts who brought down the economy didn’t see this coming. They are making it happen intentionally. This is a Socialist takeover.

There’s a Revolution coming. I can feel it in the air.

Guardian on February 15, 2009 at 2:07 PM

Yes it is, all the ruling socialists envisioned this many years ago. I understood it 7 years ago myself.

allrsn on February 15, 2009 at 4:13 PM

All of the people on this show are nuts! They don’t have any idea what they are saying. No idea at all. And to watch someone like Waters, who has an IQ somewhere south of 85, giddly agreeing that ‘she can run the world the best’, without even being challenged on that point is a very sad statement regarding the ‘quality’ of Stephanopoulos’s tv show.

Someone with even half a brain can explain the pitfalls of the government grabbing all the money, and power, for itself.

At least I can see why these people need to be worried about talk radio. Any fair exchange of ideas is going to threaten their incompetance.

Freddy on February 15, 2009 at 4:15 PM

It all boils down to how you define Nationalization. If it is done as a temporary and reorganizing type effort, it will work better than anything that is on the table now.

First off this type of initiative will keep the risk where it belongs, on the shoulders of the shareholders. What we are doing now is transferring shareholder risk to the taxpayer in order to keep dead banks alive.

If the government came in and took over the banks (nationalization), stripped shareholders of their value, separated good and inefficient operations and assets, replaced management and sold off the viable parts, we will have gone a long way to fixing our banking system.

Whether you call this nationalization or not, you don’t want to take an option like this off the table.

voiceofreason on February 15, 2009 at 4:17 PM

Now, regarding that mark-to-market rule:

It cannot be changed while Nancy Pelosi is in charge of congress. The reason is very simple, SHE is the main reason it was IMPLEMENTED! WHEN mark-to-market is removed, this entire recession will be placed at her feet!

Pelosi will never allow this to happen while she is in power.

Of course, history will show Pelosi for the failure she is, but that is not gonna help in the near term.

Freddy on February 15, 2009 at 4:19 PM

Ladies and Gentlemen,
I hope you all enjoyed living in the United States of America (no matter how much it sucked at times).

You are now approaching the descent to the United States Socialist Republic – we hope you “enjoy” your stay in the USSR and appreciate your naivete’ and ignorance in reaching your destination.

Sincerely,
The U.S. Congress ( in business for over 200 years and STILL going strong)

nagee76 on February 15, 2009 at 4:21 PM

Indeed we have. While Graham was supported in his assessment by Waters and Rep. Peter King (R-NY), both of whom said nationalization should remain on the table, he found opposition from his Democratic counterpoint on the panel, Chuck Schumer.

“I would not be for nationalizing,” said the New York Senator, whose constituency includes the epicenter of the U.S. banking industry. “I don’t think government is good at making these decisions.”

The President is against it too.

getalife on February 15, 2009 at 4:22 PM

It all boils down to how you define Nationalization. If it is done as a temporary and reorganizing type effort, it will work better than anything that is on the table now.

You think it will be temporary with the Dems in control? Once they latch on to something, they never, ever let go.

Elric66 on February 15, 2009 at 4:22 PM

If they are thinking about nationalization and talking about it, that means they will do it. This is just a trial balloon to see if anybody has the guts to oppose it. Thank the Lord the market is closed Monday, or it would tank even more.

My understanding of the situation is this: they don’t give a damn about homeowners, but they have to prop up the ones in foreclosure, or their loans come due and there’s no money in the economy to pay them. So the banks fail, then businesses, then the world. And the US is on the hook for $10 trillion in loan guarantees for one thing and the other. So they’re saying one trillion now is better than 10 trillion six months from now.

Of course they knew it was coming. Raines, Johnson and Gorelick should be prosecuted or at least humiliated at a hearing. The SEC and the Federal Reserve should be disbanded. We did better when we managed our own affairs.

PattyJ on February 15, 2009 at 4:22 PM

Oh Boy,I bet,the next,

Talkin point,

will be,

‘NATIONALIZATION’='PATRIOTISM’,

catch the fever!

NOT!

canopfor on February 15, 2009 at 4:25 PM

If the government came in and took over the banks (nationalization), stripped shareholders of their value, separated good and inefficient operations and assets, replaced management and sold off the viable parts, we will have gone a long way to fixing our banking system…

If you can ask these fat bandicoots to pay their taxes honestly like every average Joe does, that would be a start.

We are Fubared.

nagee76 on February 15, 2009 at 4:27 PM

You think it will be temporary with the Dems in control? Once they latch on to something, they never, ever let go.

I was talking about how it “should” be done as opposed to how either party is handling it.

voiceofreason on February 15, 2009 at 4:28 PM

voice of reason, you are completely wrong. What you fail to grasp is the unbridled power grab that will occur once the federal government grabs control of the bank.

Once this happens, many banking practices will be ‘adjusted’.

It will no longer be a simple matter of going down to the bank for a loan. You will need to provide whatever required documents that the federal government desires. No doubt, a union card will be mandatory for a home loan.

As for ‘fee structures’, well, they will charge you fees based on your account status and political party. For example, if you are ‘non partisan’ but have a union card, you will get one fee, if you are not in the union, expect to pay considerably more.

While ‘my little set of rules’ may seem a bit off base, remember, this is the same administration that has OUTLAWED all stimulus money from NON-UNION construction workers and companies!

Just a tiny taste of the kind of controls that will be demanded by a politically operated banking system.

You can also the federal government banks to become the ONLY banking allowed in this country! Being less than the model of efficiency, the new federal banks cannot have money in competition with them. This would not be in the best interests of ‘the people’!

I hope your getting the idea!

Freddy on February 15, 2009 at 4:28 PM

Get a good look at maxine’s smiling face. It’s what’s going to be on the new 64 dollar bill issued by Donkeybank.

oakpack on February 15, 2009 at 4:30 PM

The village of Central, South Carolina is on Line 1. They’d like their idiot back, please.

wccawa on February 15, 2009 at 4:33 PM

Hey A** hole Graham we the people might have to do something that you did not think about a year ago.Take how country back from you fools in D.C. You and most up there are a digrace and need to be not only to be run out of town but face treason charges.

thmcbb on February 15, 2009 at 4:33 PM

this isn’t a bailout, its a takeover.

rob verdi on February 15, 2009 at 2:08 PM

I am beginning to wonder this myself. In fact I am little beyond wondering. The lack of Bomma not jumping on this ‘emergency’ this weekend really says something. The urgency is over becasue he has what he wanted now.

johnnyU on February 15, 2009 at 4:33 PM

The United States died back in November. We are now watching the funeral.

There is, in my opinion, only one way to restore the United States of America, but it will be long, expensive and bloody.

Rusty Bill on February 15, 2009 at 4:38 PM

Freddy on February 15, 2009 at 4:28 PM

If this is your view, you and I are talking about two different issues.

I’m looking at this from the financial perspective not a political one. Neither party has a clue. I simply stated what the I believe the government should do with the banks.

The government has the power to do everything I posted without passing a single new law. If they did what I posted and limited their actions to that, it would go a long way to healing the financial system.

voiceofreason on February 15, 2009 at 4:38 PM

After nationalization, the banks get fixed, then re-privatized. That’s the tricky part. Do we trust the government to do so?

If they move forward with this, that is the part we need crystal clear. No nationalization without privatization.

Yeah, that’s a thought. You know, because charismatic dictators have a good reputation of stepping down from ultimate power after “fixing the system”.

If you believe the pile of horseshit you just made up there, then go ahead and get your chip, and do what your overlord tells you. Have you ever heard the term “orchestrated crisis”?

leetpriest on February 15, 2009 at 4:39 PM

Obama is a fraud of a leader. His ignorance is only surpassed by his arrogance. At the height of this “crisis,” he waits not one, not two, but three days to actually sign this pressing stimulus bill.

dugan on February 15, 2009 at 4:40 PM

PattyJ on February 15, 2009 at 4:22 PM

You nailed it!!!

jerrytbg on February 15, 2009 at 4:41 PM

Plan A ===== work locally on re-creating or reviving a conservative Republican Party which can take 40 or more seats in the House and enough Senate seats in 2010 to put a Dead Stop to Hussien and the DemoThug Party

Plan B ======= deployed the first time any government flunkie used force against an American citizen in areas like the NaziFairness Doctrine or denying gun ownership, etc. Plan B means taking ‘direct action’ against actual persons.

I’m speaking in code here, but even if you went to public school in California or Minnesota, you know what I mean.

Plan B means a civil war. I’m getting ready for that possibility, and I advise everyone here to start making some Very Hard Decisions if Plan A don’t work and /or Plan B is forced upon us

These are the times that try men’s Souls…….

Janos Hunyadi on February 15, 2009 at 4:43 PM

This whole meltdown is engineered. There is absolutely no way that a bunch of “highly educated” Yale and Harvard trained experts who brought down the economy didn’t see this coming. They are making it happen intentionally. This is a Socialist takeover.

There’s a Revolution coming. I can feel it in the air.

Guardian on February 15, 2009 at 2:07 PM

Guardian, you a most likey correct, there will be ‘some form’ or type of revolution. I will read about it in another country. I am selling my business and moving away, at least in Ireland, I know what I am getting.

foxone on February 15, 2009 at 4:46 PM

Comment pages: 1 2