| Should America Nationalize its banks, yes or no?
Posted: 2/23/2009 11:22:08 PM | I'd like to know what you all think of this latest proposal by our US governement to fix the crisis. Doesn't it seem like the government does enough regulating as it is now? Especially regulation that is ignored, much like gun laws.
You know the gov says temporary but they never get their hands into money temporarily. Temporary almost always becomes permanent. With all the corruption in government as it is do we want them controlling our banks as well?
Either way, it will be interesting to see where this issue goes. | |
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| Should America Nationalize its banks, yes or no?
Posted: 2/24/2009 11:51:07 AM |
The FDIC has already nationalized 15 banks this year.
The process dumps the failed management then sells the assets with little or no disruption.
Bank of America and Citi are bankrupt. The poor stockholders hired dud's..... too bad ....don't make me a stockholder in a Bank run by Gold plated losers.
It is time to kick management out and get a clean slate. Sweden did it 1992.
We are being bled to death by leeches in Limo's...A BILLION at a stroke.........
With all the corruption in government as it is do we want them controlling our banks as well?
CITI used $400 million of our cash fror naming rights to Met's Stadium....
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| Should America Nationalize its banks, yes or no?
Posted: 2/24/2009 4:42:15 PM | Now that the horses are gone, should we close the barn doors before or after it burns down?
I think those in the driver's seat recognize that the time to have done this was years ago, if it was going to be done. Doing so now would accomplish very, very little.
But as for nationalizing more banks? Hell no. If my business starts to fail due to bad management, they don't come in here and give me wads of money to keep it going.
If I am forced out of business, my clients will just have to find someone else to serve them.
Same with the banks and their investors. A few months back, Vikram Pandit and the rest of the well-dressed beggars were swaggering out of the meeting with the Feds to lend them money. Now they're back for more, sporting their latest expensive clothing and $5,000 shades.
The worlds best-dressed beggars. Let them beg and let them go bust.
You don't teach a person NOT to engage in behavior by supporting him when he continues. The only thing the bailouts accomplish is to insulate the well-heeled from the realities of their behavior.
Let them suffer with the rest. ZERO BAILOUT POLICY - NOW. As for money already handed out - get it back - NOW. Let them see how it feels to have to make payments when you're already strapped to the hilt. Isn't this what they've been doing to their customers for decades? See how they like it for once. No more "insulation". Let the full effect of the shock come through to them, too.
When they go bust, send the auditors in. Find out who mismanged what and when, then PROSECUTE them for failing their fiduciary responsibilities. Shut them down, seize them, liquidate their assets, let the FDIC do its thing - but only to the extent provided by law. No more FDIC insurance increases.
As for their gambler investors? Tough. You gamble, you lose. When people go to casinos, no one guarantees to give them back their losses. You understand the game you're playing. If they lose, it's an expensive lesson that might actually teach them something. Bailing them out won't do it. People will then seek out safer, more responsible banks and surviving banks will stop screwing around like it's all a big joke.
For many big bankers, that's all it seems to be even now. They keep splurging.
Too big to be allowed to fail? SCREW THAT!
ALL corporations are now required by Sarbanes-Oxley to act in a responsible manner that benefits the shareholders. That clearly has not been done in many or most of these cases. Those are Federal felonies. Where are the indictments of CEOs and Boards of Directors? I guess SarbOx only applies to the little people. | |
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| Should America Nationalize its banks, yes or no?
Posted: 2/24/2009 5:11:13 PM | .
When they go bust, send the auditors in. Find out who mismanged what and when, then PROSECUTE them for failing their fiduciary responsibilities. Shut them down, seize them, liquidate their assets, let the FDIC do its thing - but only to the extent provided by law. No more FDIC insurance increases.
Isn't that nationalization?
We have poured Billions into these banks already...........
It is time to take them over....... I Bet no-one will go to jail.
AIG recieved an $80 billion bailout to cover their loss due to CDS ( these were done in England) )Not a legal transation in the US.
They now are reporting the largest loss in history..............
Think we will get our $80 Billion back? | |
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| Should America Nationalize its banks, yes or no?
Posted: 2/24/2009 6:32:33 PM |
Isn't that nationalization?
We have poured Billions into these banks already...........
It is time to take them over....... I Bet no-one will go to jail.
I'm not talking saving them or throwing billions more into saving their investors' gambling proceeds. I'm talking about liquidating them out of existence.
NO influx of money to go into them as is happening now. It's just cheaper that way. Also no more separation of assets from liabilities as was done by J.P Morgan/Chase in taking over Wamu. Take it all or nothing if some other company wants them.
No more sales to members of the Fed using fronted public money. That's preservation - not liquidation. Significant difference. If a private party wants to take it over - let them use 100% of their own money. Zero public money.
Start new non-Fed banks that don't have the bad investments hanging over them.
Run them the way banks are supposed to be run, frequently audited, tightly regulated.
Leave the fringe investments to the fringe, with absolutely no safety nets. | |
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| Should America Nationalize its banks, yes or no?
Posted: 2/25/2009 4:43:48 PM | B of A? Nope - that's just a wishful name of a private bank. It's just one of the worst banks I've ever had the displeasure of dealing with. I refuse their checks as payment unless there are absolutely zero other options.
I think the United States actually runs a bank for Senators and U.S. Representatives only. Nobody else is allowed to participate.
No pesky public audits that way! | |
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