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Paul Krugman: American-style nationalization could save banks?
By Paul Krugman
New York Times
Tuesday, Feb. 24, 2009 - 12:00 am | Page 19A
Comrade Greenspan wants us to seize the economy's commanding heights.OK, not exactly. What Alan Greenspan, the former Federal Reserve chairman – and a staunch defender of free markets – actually said was, "It may be necessary to temporarily nationalize some banks in order to facilitate a swift and orderly restructuring." I agree.The case for nationalization rests on three observations. First, some major banks are dangerously close to the edge – in fact, they would have failed already if investors didn't expect the government to rescue them if necessary.Second, banks must be rescued. The collapse of Lehman Brothers almost destroyed the world financial system, and we can't risk letting much bigger institutions like Citigroup or Bank of America implode.Third, while banks must be rescued, the U.S. government can't afford, fiscally or politically, to bestow huge gifts on bank shareholders.------
AMERICA'S DOLLAR-BASED ECONOMY IS GOING TO CRASH!--And I don't think it's going to be very long from now. America, with her foolish & selfish economic policies, has robbed the poor to feed the rich, & she can't get away with it forever! You simply cannot get away from God's economic laws & God's laws of retribution, His promise that "whatsoever you sow, that shall you also reap!" ( Gal.6:7 .) America has sown repression economically, so she's going to reap depression!--God's judgements on her for her selfishness & cruelty to the poor & her unwillingness to share her ill-gotten gains & wealth with them! So she's going to get it & be hurt economically, just as she has hurt others!
Ted Rudow III,MA