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Maybe Nationalize Banks? -James Baker, Reagan's Treasure Sec

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handfleisch
Quote:
James A. Baker, the Treasury secretary under President Ronald Reagan, wrote in The Financial Times on Tuesday that temporary nationalization might be necessary to inject public funds into problem banks.

“I abhor the idea of government ownership — either partial or full — even if only temporary,” he wrote. “Unfortunately, we may have no choice. But we must be very careful. The government should hold equity no longer than necessary to restructure the banks, resume normal lending and recoup at least a portion of taxpayer investment.”


http://www.nytimes.com/2009/03/04/business/04private.html?_r=1
ocalhoun
handfleisch wrote:
Quote:
The government should hold equity no longer than necessary to restructure the banks, resume normal lending and recoup at least a portion of taxpayer investment.”

Not likely to happen. When has the government ever stopped doing something it was involved in?
davidfromoz
ocalhoun wrote:

Not likely to happen. When has the government ever stopped doing something it was involved in?


I'd say that privatization is one of the themes of our time. For example utilities, prisons and indeed banking.
deanhills
handfleisch wrote:
Quote:
James A. Baker, the Treasury secretary under President Ronald Reagan, wrote in The Financial Times on Tuesday that temporary nationalization might be necessary to inject public funds into problem banks.

“I abhor the idea of government ownership — either partial or full — even if only temporary,” he wrote. “Unfortunately, we may have no choice. But we must be very careful. The government should hold equity no longer than necessary to restructure the banks, resume normal lending and recoup at least a portion of taxpayer investment.”


http://www.nytimes.com/2009/03/04/business/04private.html?_r=1


So exactly what are your views on this Handfleisch?
deanhills
ocalhoun wrote:
handfleisch wrote:
Quote:
The government should hold equity no longer than necessary to restructure the banks, resume normal lending and recoup at least a portion of taxpayer investment.”

Not likely to happen. When has the government ever stopped doing something it was involved in?

Soooooo true! Taxation was supposed to be a temporary measure .... guess it is very permanent and growing in leaps and bounds ... in fact in a HUGE upwards curve during 2008/2009!
ocalhoun
davidfromoz wrote:
ocalhoun wrote:

Not likely to happen. When has the government ever stopped doing something it was involved in?


I'd say that privatization is one of the themes of our time. For example utilities, prisons and indeed banking.

Sure there's a lot of talk about it, but I don't see it actually happening.

Privatizing banks? They are already private! (as are most utilities) The 'theme of our time' seems to be leaning more towards the un-privatizing of banks right now...
deanhills
ocalhoun wrote:
The 'theme of our time' seems to be leaning more towards the un-privatizing of banks right now...

I like your way with words, "un-privatizing" ... right on the number. I still need to figure out how CitiBank managed to make a few billion dollars worth of profit in the first quarter, after influx of public funds. So maybe this is it .... un-privatizing!

Back to CitiBank the only conclusion I can come to is lies, lies and more lies .... the same crooks doing it differently ... people are still greedy and out of control and the statements are still murky to me.
harismushtaq
At least in this way, if the taxpayers money is injected in these financial institutions, then at least until they pay the money back, all profits should also benefit the taxpayers. If the goverment nationalise the banks, this very phenomonon can happen I guess.
deanhills
harismushtaq wrote:
At least in this way, if the taxpayers money is injected in these financial institutions, then at least until they pay the money back, all profits should also benefit the taxpayers. If the goverment nationalise the banks, this very phenomonon can happen I guess.
How would it benefit the taxpayers?
standready
harismushtaq wrote:
At least in this way, if the taxpayers money is injected in these financial institutions, then at least until they pay the money back, all profits should also benefit the taxpayers. If the goverment nationalise the banks, this very phenomonon can happen I guess.

The taxpayers will NEVER see any of that money back let alone interest that we were told would come as well. Same with the money given to the auto manufacturers and insurance companies. They all should have just been allowed to go belly up. Government let several small banks go "bankrupt". Government let big banks go "bank-corrupt". Banks, auto and insurance all lined the the pockets of the politicians (campaign? contributions, read as corruptributions) to get the FREE money to blow. Politicians do not represent those who elected them. They represent those who pay them off.
deanhills
standready wrote:
Government let big banks go "bank-corrupt". Banks, auto and insurance all lined the the pockets of the politicians (campaign? contributions, read as corruptributions) to get the FREE money to blow. Politicians do not represent those who elected them. They represent those who pay them off.
I like the wording ... bank-corrupt and corruptributions, although I must say I wonder whether people really realize how LARGE the amount of 1.2-trillion dollars is. Perhaps they should rename it cortrillionbutions, or something along those lines. Twisted Evil
gandalfthegrey
This is how it once was, and how it should be. Countries that have national banks can loan out money to their own governments interest free!!!

Why should private banks and their shareholders make a profit off government debt and taxpayers?!?
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