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Tag Archives: bank nationalization
On Nationalization
I’m a little late getting to read this very provocative new Atlantic piece by a former chief economist at the IMF, but it is an absolute must read as we continue to flinch at these massive banks and their massive problems. It has also been making the rounds and causing quite a bit of secondary discussion on most of the good blogs. I’ll let this summary do the work and hopefully pique your interest: The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, … More >>
Dangerous Business
I was reading this post about how nationalization of certain banks could play out and the challenges Obama faces in devising a viable solution for the banking crisis. Suddenly a quote from Lord of the Rings popped into my head: "It’s a dangerous business…going out your door. You step out onto the road, and if you don’t keep your feet, there’s no knowing where you might be swept off to." Dangerous business , indeed: The nationalization conversation has, probably rightly, proceeded from the premise of what policy is most likely to work. But in the White House, the principals are also presumably considering the costs of failure. And the failure of a policy of nationalization is a scarier prospect than … More >>
