Saturday, February 21, 2009
Senator Schumer whose constituency includes Wall Street, has now added his voice to the debate. And now he's in favor of what he calls "good nationalization"
Read the Article at HuffingtonPost.
Whatever you call it "good nationalization", "detoxification", the effect is the same. Structured, short lived and only to send it back into private hands. In fact, whoever is hired to do the clean up should have their salaries and incentives based on the time it takes to get toxic institutions properly "detoxified". The longer they take, the less money they are paid.
Nationalization of some banks is not only the best for select institutions, but the entire global banking system. It's not an idea or a concept. There are places where "good nationalization"/"detoxification" has worked.
Here's my blog post on it: Why the US Should Nationalize Banks
FYI: Here is the growing list of notable people in favor of and against nationalization: Favouring Nationalization are....