It is now a mantra in the corporate media — the only way to fix the banking system is to “nationalize” the banks. “A touchy word has entered the public debate about the future of America’s economy.
“Simply put: Nationalizing ailing banks means the government would tell bank execs to take a hike, and then oversee taxpayer dollars as they course through the banking sector’s veins,” writes Kelley. “When all is well, perhaps after selling assets and operations to new private investors, the government then steps back and lets a newly regulated bank sector float on its way.”
Does Mr. Kelley really think the government will step back after “nationalizing” the banks? He seems to think the government is “of the people, by the people, for the people,” as Lincoln put it, when it fact it is of the banks, by the banks, and for the banks.
Over the last year, US corporate leaders have often explained layoffs by saying the positions were...
