Alan Greenspan Supports Bank Nationalization

by

geithner_1244175c

Tim Geithner is considering the use of a giant government-funded “bad bank” to help the country’s financial sector

http://www.streetinsider.com/Insiders+Blog/Alan+Greenspan+Supports+Bank+Nationalization/4415709.html

Alan Greenspan, the former Fed Reserve chairman, told the Financial Times that the US government may potentially have to nationalize some of its banks on a temporary basis to help repair the financial system and restore the flow of credit .

Greenspan said nationalization could be the least bad option left for policymakers. This is a big change for Greenspan who gave banks much independence during his helm as Federal Reserve Chairman.

“It may be necessary to temporarily nationalize some banks in order to facilitate a swift and orderly restructuring,” Greenspan told the FT. “I understand that once in a hundred years this is what you do.”

Greenspan also told the FT “in some cases, the least bad solution is for the government to take temporary control” of troubled banks either through the FDIC or some other mechanism. He added that temporary government ownership would “allow the government to transfer toxic assets to a bad bank without the problem of how to price them.”

The talk of banks being nationalized seems to be gaining ground and Alan Greenspan’s talking it up surely won’t quiet the chatter.

US-FINANCE-ECONOMY-COX

The former Fed chairman, who the Financial Times nicknames “the high priest of laisser-faire capitalism”

The first sign of the apocalypse

http://www.economist.com/blogs/democracyinamerica/2009/02/the_first_sign_of_the_apocalyp.cfm

OR THE latest sign that America’s financial system is in crisis: Alan Greenspan has come out in favour of bank nationalisation.

One of the reasons Timothy Geithner, the treasury secretary, did not propose something along these lines was because he didn’t think Congress would get behind it.

But along with Mr Greenspan, Lindsey Graham, a Republican senator, also voiced cautious support for bank nationalisation this morning.

If Mr Geithner wants to make this trillion-dollar move, he’d do well to take advantage of this momentum, which is surprisingly emanating from the right.

(On the other hand, we could always give this a shot.)

From AfterAmericaNZ

February 12, 2009

US Debt is really 53 Trillion?

25 Responses to “Alan Greenspan Supports Bank Nationalization”

  1. LadyTexan Says:

    MORE THAN 500 PROTEST OBAMA’S ARRIVAL IN MESA, AZ

    February 18, 2009 – 9:16AM

    http://www.eastvalleytribune.com/story/135640

    Presidential protestors made their voices heard in chants and signs Wednesday outside Dobson High School.

    The protestors, about 500 to 600 strong and growing, began arriving as ticket-holders walked in. (That’s 1/3 of people who showed up.)

    Mesa police set up a protest area along Guadalupe Road.

    They held their signs up high: “Don’t tread on me,” “Spend all you want, I’ll pick up the tab,” “I’ll keep my freedom! You keep the change!” “Free fertility drugs now.” And “B.O. smells and so does Socialism.”

    A Gilbert woman, with a sign that said, “Fund bikini wax now,” said she is entitled to the beauty treatment.

    “It’s a self-esteem issue and hygiene issue, which makes it a health care issue, I think we’re all entitled,” said the woman in jest, who only gave the name JoAnne, because she is skipping work.

    Maricopa County Sheriff Joe Arpaio critics showed up in force, as well.

    At one point about 15 members of Somos America marched in striped, jail garb and linked by chains, passed the presidential protesters. Those protesters responded with chants: “We love Joe!”

    Rob McElwain, spokesman for Somos, said they want an end to laws that allow local police to enforce immigration laws, an end to Arpaio’s immigration sweeps and a federal investigation into Arpaio.

    The Mesa Police Department stationed four neutral observers outside the school, including Phil Austin, former president of the Mesa Association of Hispanic Citizens. (I don’t know how this guy is “neutral.”) Austin said things went smoothly, except for a few vendors trying to sell goods without a permit.

    As protesters held their signs high, they exchanged cheers with the honking cars that passed. The general message of the protesters was that Obama’s policies would lead the country toward socialism.

    “I’m out here to excercise my First Amendment rights while I still have them,” said Tim Guine, 52, a Phoenix sales manager. “Everything that man stands for is the antithesis of what this country was founded on. He’s a Marxist, fascist.”

    Lee Bauer, 53, a social and fiscal conservative, said she doesn’t believe in the $787 billion stimulus package signed by Obama Tuesday in Denver.

    “Obama’s stimulus package has only mobilized the opposition,” she said.

    Former Republican Congressman J.D. Hayworth of Arizona also was in attendance. He called the bill a “Trillion-dollar boondoggle.”

    A man shouted over a megaphone, “I want to see if the president is driving a (Toyota) Prius or an electric car.”

    (AZ Senators John McCain and Jon Kyl plus Rep. Jeff Flake (all Republicans) did not attend the event. They said they didn’t know about it until the last minute.)

  2. rosettasister Says:

    LadyTexan Says:
    February 18, 2009 at 6:24 pm

    Gotta love those Arizonans!

  3. rosettasister Says:

    Hey, Troy!

    Looky what I found!

    From kirkburgess

    Balinese — Thoz Guyz do ZZ Top

    I should know it, but I don’t.

    Lived in Houston for 4 years, spent some time down Galveston way.

    But my sister and her daughter had a beachhouse on Surfside, so I spent most of my time there.

    Never been so dark in my life!

    Thanks, Troy!

  4. LadyTexan Says:

    CJ Says:

    February 18, 2009 at 6:14 pm
    A bit OT but I am curious: What does everyone think about the Burris situation? Are the Obama thugs trying to push him out? Will the new governor get to appoint a new Senator if so? This really smells of Chicago politics. The one’s people were not amused by Blago’s antics—or were they? What a tangled web. Opinions please?
    ******************************

    CJ,

    Michelle Malkin has an interesting article today regarding the Burris situation.

    http://michellemalkin.com/2009/02/18/question-the-timing-durbin-supports-burris-ethics-probe/

    Question the timing: Durbin supports Burris ethics probe

  5. LadyTexan Says:

    Rose,

    I’d love to live in Arizona some day. It’s probably the only state other than Texas that appeals to me.

    I just wish they did the daylight savings thing.

  6. patriotamy Says:

    Bank nationalism is the first step. Control of the monetary system. Anyone think they will just do it ‘temporarily’?

    Greenspan has wanted this for as long as he has been around.

  7. rosettasister Says:

    LadyTexan Says:
    February 18, 2009 at 6:39 pm

    Rose,

    I’d love to live in Arizona some day. It’s probably the only state other than Texas that appeals to me.

    I just wish they did the daylight savings thing.

    ——————

    No, give us the right not to move our clocks or give us death!

    hehe

  8. rosettasister Says:

    Sen. Graham says bank nationalization an option

    http://www.reuters.com/article/newsOne/idUSTRE51H57220090218

    “They (the Japanese) kept throwing good money after bad. I think that is what we’ve been doing quite frankly and we need to stop that,” Graham told Reuters in a telephone interview.

    “We need to keep option three (nationalization) on the table for any bank that fails the stress test,” Graham said.

    bbl

  9. LadyTexan Says:

    No, give us the right not to move our clocks or give us death!

    hehe
    ****************

    I can respect that. I just really like daylight savings…LOL

  10. Troy Says:

    In regards to bank nationalization, I’m going to repost this from the previous thread incase someone hasn’t seen it….I highly suggest that anyone that has valuables (gold, silver, jewelry, coin collections, etc..) in a bank’s safety deposit box, remove them as quickly as possible….To start nationalizing banks the first thing will be to declare a “national bank holiday”
    This is a time when all assets are frozen behind locked doors and the pillaging is done…..In other words, the legalized thieves will rob your ass blind.
    ********************************************
    Troy Says:

    February 18, 2009 at 6:15 pm
    Within the next sixty days when you see a “national bank holiday” declared, that’s when you will know that it’s “checkmate,” you lose….Keep your eyes open for this one….It’s coming.

    http://en.wikipedia.org/wiki/Emergency_Banking_Act

  11. hockeyfan530 Says:

    from canada free press

    canadafreepress.com/index.php/article/8568

    Obama Throws Churchill Out of Oval Office [Nile Gardiner]

    http://corner.nationalreview.com/post/? … JjMjNiZmQ=

    As the London Telegraph reported, Barack Obama has just returned a bust of Sir Winston Churchill to the British government. The bust was loaned to the White House in the immediate aftermath of the 9/11 attacks as a demonstration of solidarity with the United States.

    Obama’s surprise decision to send Churchill home is both wrong-headed and crassly insensitive towards America’s closest ally, coming at a time when nearly 9,000 British troops are fighting alongside their American counterparts in Afghanistan. With good reason, there are growing doubts in the UK over the new President’s commitment to the Special Relationship. The President has never even mentioned the Anglo-American alliance in a major policy speech, and has little affinity for Britain.

    The Special Relationship is vital to American and British interests on many levels, from military, diplomatic, and intelligence cooperation to transatlantic trading ties. If President Obama does not invest in its preservation, the end result will be a weaker United States that is less able to stand up to terrorism and tyranny, and project power and influence on the world stage.

    — Nile Gardiner is the director of the Margaret Thatcher Center for Freedom at the Heritage Foundation.

  12. Troy Says:

    Obama doesn’t care much for Churchill, because Churchill gave Kenyan Grandfather Obama and others a good thumping on the noggin.

  13. hockeyfan530 Says:

    we should all email the london telegraph apologizing for barry and the morons that supported this piece of crap that is barry. Let them know that not ALL americans worship barry and we support any and all that don’t support barry. Maybe we can convince them to start covering the barry crap. Canada does already. The US…well, not so much. But if the rest of the world starts maybe they’ll stop ignoring this

  14. Troy Says:

    Hockeyfan, thet are covering it….Go to Orly’s site, they are covering the Obama ineligibility issue.

  15. Troy Says:

    They will be featuring Orly’s lawsuits

  16. Troy Says:

    I posted info about it here on the previous thread

  17. DS Says:

    Berry has a bill to nationalize national resources. We need own them to tax them.

  18. DS Says:

    natural

  19. igaveup Says:

    of course the arizona republic is estimating the protest crowd at around 150 people

  20. Fernley Girl Says:

    Waxman wants to apply Censorship Doctrine to the Internet. Article at newsbusters.org
    “…one of his top priorities.”
    For those of you who have not moved away from your computers, you may want to start working on creating a local, off-line, network of like-minded people. One day soon this site may not be here. Keep in mind which types of communications are controlled by a federal agency. Consider how rapidly we are descending into commie hell in just one month. President Doom WILL nationalize the banking system and control our access to information.

  21. Troy Says:

    This poor fella had the way our government works explained to him in layman’s terms and had a bad reaction to it…Lmaoo

    Warning: *Strong Language*

  22. patriotamy Says:

    Now we get to bail out people in foreclosure. Homeowner Affordability and Stability Plan. HASP – isn’t that something you put on so you can lock it up?????

  23. Tenacity Says:

    Patriotamy,
    I have people contacting me asking if they should stop making their mortgage payments. This HASP is nothing more than an invitation for more people to put their hand out.

  24. rosettasister Says:

    Cutting out early.

    Now that Obama is gone, this is turning out to be a beautiful day!

    New Thread:

    https://rosettasister.wordpress.com/2009/02/18/move-over-i%E2%80%99ll-drive-for-awhile/

  25. time » Blog Archive » Alan Greenspan Supports Bank Nationalization « Rosettasister’s Weblog Says:

    […] suzyambrose wrote an interesting post today onHere’s a quick excerptI just really like daylight savings…LOL. Troy Says: February 18, 2009 at 7:04 pm. In regards to bank nationalization, I’m going to repost this from the previous thread incase someone hasn’t seen it….I highly suggest that anyone … Obama’s surprise decision to send Churchill home is both wrong-headed and crassly insensitive towards America’s closest ally, coming at a time when nearly 9000 British troops are fighting alongside their American counterparts in Afghanistan. … […]

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