Apparently we've decided to stop lighting giant piles of money on fire.
I asked my Rockefeller Republican uncle (who is a VP at Bank of America) over the holidays what he thought we should do about the banks carrying all of this bad debt. He didn't hesitate - "Nationalize them."
1 comment:
Nah, we're still going to pass a "stimulus" package which is just as bad as the bad bank provision.
A better solution to nationalizing the banks is forcing them into receivership and wiping out the shareholders of the banks (which would kill me personally as I own stock in 2 different banks that would head towards insolvency) and let the major debt holders of the banks take control.
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