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2009-02-18 Home Front Economy

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Posted by GolfBravoUSMC 2009-02-18 16:31|| || Front Page|| [2 views ] Top

#1 Thanks Captain Ed Smith for your opinion. You know, there are plenty of banks out there which are doing just fine despite the fact they don't buy giant logos on sports arenas or sport vikings buying lingerie. High priest indeed - IMHO greenspan more than anyone should have been waving warning flags.

Posted by swksvolFF 2009-02-18 17:33|| 2009-02-18 17:33|| Front Page Top

#2 Yeah right. Temporary like the Dukakis sales tax increases in MA. Temporary, for 25 years, and then it took a public referendum to trim, not end, them.

Sic Semper Tyrannis

Posted by AlanC 2009-02-18 18:00|| 2009-02-18 18:00|| Front Page Top

#3 "It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring," he said. "I understand that once in a hundred years this is what you do."

What a maroon.

I'm surprised he didn't do more damage given how long he was in the job.

Posted by Nimble Spemble 2009-02-18 18:23|| 2009-02-18 18:23|| Front Page Top

#4 May I point out that Alexander Hamilton, first Secretary of the Treasury, had the Bank of the United States chartered as a federal institution. Hardly a socialist or Marxist. If it's a choice between nationalizing a bank or just sucking up its bad paper and debts, I'd rather we get the whole package. Why should other financial entities get to pick up the good stuff at close out prices and the American taxpayer gets stuck with the remaining bag of crap? As new owners of the assimilated financial institutions, we have standing to go back and collect from officers who operated the entity in abject failure of their fiduciary responsibilities.

Posted by Procopius2k 2009-02-18 18:51|| 2009-02-18 18:51|| Front Page Top

#5 "go back and collect from officers who operated the entity in abject failure of their fiduciary responsibilities"

Sounds nice, p2k - but do you honestly believe the DemoncRats will do that to their campaign supporters?

Posted by Barbara Skolaut">Barbara Skolaut 2009-02-18 18:57|| 2009-02-18 18:57|| Front Page Top

#6 Hamilton also thought term limits were a bad idea. And he would never have supported putting the backbone of the American economy in the hands of government.

Posted by Mike N. 2009-02-18 19:04|| 2009-02-18 19:04|| Front Page Top

#7 The way the system should work is the shareholders carry the can up to the full amount of their investment, ie until their shares are worth zero. Nationalization just sounds like a way to sell the banks as a 'going concern'.

Socialising bank losses by buying up bad paper is crazy.

Posted by phil_b 2009-02-18 19:07|| 2009-02-18 19:07|| Front Page Top

#8 but do you honestly believe the DemoncRats will do that to their campaign supporters?

Statute of limitations is longer than 8 years unless you believe the Donks are not going to ever give up power, then we have far greater problems than just collecting.

Posted by Procopius2k 2009-02-18 22:37|| 2009-02-18 22:37|| Front Page Top

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