"Drown the government in the bath tub"
Currently, Obama and the rest of Washington DC are trying to get the tax payer to swallow the bad assets thru one big bad bank idea. I think that is the worst possible out come there is because the banks are counting on never taking any responsibility. The banks will do it again and again if you let them. There has to be consequences. Right now there aren't any.
Obama said today that bank nationalization was off the table because of the nation's historical temperament towards such action is negative. The "too many banks argument" doesn't wash either because as Josh Marshall pointed out we don't have to nationalize all of them just three of four too big to fail ones. Since he said no to nationalization, that leaves us with the government buying assets at inflated prices and the FED eventually printing money to devalue the dollar. Here comes inflation just when you need it least. Our country is hymned in by our anti-socialist ideology. Plus, we aren't really free marketeers either so letting the banks go under as some suggest and thus the rich go under, is off the table too. Therefor, the government must bankrupt itself for the good of the status quo, which is what I've argued was the plan all along. "Drown the government in the bath tub" is working like a charm. With the government crippled, so is democracy. The will of the people has diminished from token representation to vapor in a single decade. The Oligarchs have won. They are just trying to get us to lay down and die quietly. Can't you hear the music? It's blasting loudly in the MSM.
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I think you're misinterpreting the Geithner plan. If you read Delong, Roubini, and Setser - his old buddies from the Clinton days - you see them supporting his plan. they also support nationalization. Geithner's plan is MEANT TO lead to nationalization. I've posted on this here
http://tpmcafe.talkingpointsmemo.com/talk/blogs/obey/2009/02/has-geithner-got-the-right-ide.php
February 12, 2009 12:14 PM | Reply | Permalink
Maybe but Obama just told ABC no nationalization, per Josh.
February 12, 2009 5:39 PM | Reply | Permalink