Re: [Pen-l] Fear of nationalization exacerbates financial crisis

[Jim Devine <jdevine03@xxxxxxxxx>]

It's possible that government leaders are planning to nationalize the
zombie financial institutions but are not telling anyone, because to
tell would hurt "investor" expectations and maybe make the project
more expensive (I'll have to think about that). But this is the kind
of tactic that a GOP administration (such as that of the late Tricky
Dick) would use and would go against Pres. Obama's promises of
increased openness.[*]  And with people like Summers, Geithner, and
Volcker in place, it's much less likely, because they are extremely
pro-financier.

> NY Times, March 6, 2009
> Op-Ed Columnist
> The Big Dither
> By PAUL KRUGMAN
>
> Last month, in his big speech to Congress, President Obama argued for bold
> steps to fix America’s dysfunctional banks. “While the cost of action will
> be great,” he declared, “I can assure you that the cost of inaction will be
> far greater, for it could result in an economy that sputters along for not
> months or years, but perhaps a decade.”

[*] These promises don't seem to apply to foreign policy issues.
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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