[Pen-l] Nationalization of banks with haircuts

[Julio Huato <juliohuato@xxxxxxxxx>]

I wrote:

> Or liabilities that are riskier than their assets.  Or liabilities that are
> more opaque than their assets.  Or some combination of the above.

Gosh!  I wrote this exactly the other way around!  Replace assets
where it says liabilities, and vice versa.

And yes, to the extent regular businesses have like balance-sheet
structures, regular businesses are bank-like.  Which, to that extent,
turns ours into an argument for the nationalization of all businesses!
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