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Once in a hundred years

By Owen Paine on Thursday February 19, 2009 10:45 PM

"Nationalize 'em! Nationalize 'em! Fuck the stockholders! Scalp 'em bare! " -- comes now the cry of Alan Greenspan joining the anvil chorus, apparently ready to find at long last a fellowship with radical rectifiers like Father Smiff's hero Dougwood Hen.

What music they'll make, this broad bloc of prudent children of the night.

Caveat pre-emptor.

Do I really need to emphasize: credit system saving of any sort is not even for opportunists -- it's for idiots, useful, useless, and otherwise.

Note the Greenstain's proviso: Save "the senior debt" -- the credit system's "anchor".

Comments (1)


Here's the lost of pro and con nationalizers, according to Barry Ritholz of The Big Picture:

(quote) Aside from myself, here are the folks who are in favor of temporarily Nationalizing the banks, and then spinning them back out:

Alan Greenspan
Gordon Brown, UK PM
Nouriel Roubini
Greg Mankiw
J. Bradford DeLong
Paul Krugman
Chris Whalen
Josh Rosner
Elizabeth Warren, TARP Oversight Panel
Matthew Richardson
Dylan Ratigan (CNBC, Daily Beast)
Martin Wolfe, FT
Adam Posen (Peterson Institute for International Economics)
Sen. Lindsey Graham
House Speaker Nancy Pelosi
Calculated Risk (Preprivatize the Banks)
nake capitalism ()
Interfluidity (Nationalize Like Real Capitalists)

And those opposed:

Ben Bernanke
President Obama
Tim Geithner
Lawrence H. Summers
Meredith Whitney, Oppenheimer
Larry Kudlow
George Soros (endquote)

Don't worry, OP -- ain't gonna happen!

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