Simon Johnson On Bank Bailout Plan (NPR) - THIS GUY MAKES SENSE!

He talks about why it's necessary to nationalize the banks temporarily ~ how we can't solve the economic crisis without solving the banking crisis, and how that won't happen by leaving the same people in charge. Also, how Congress and the admin. are entangled with bankers.

If anyone else heard this (or listens to the show on the link), I'd love to know what you think.

http://www.npr.org/templates/story/story.php?storyId=101360253

on the same subject--very pesuasive

make them squeal like the pigs they are.

earth-shaking moves, now is it. Now, now, now. No time like the present!

Citibank alone has 300,000 employees. Even assuming senior management is limited the top one percent, that is still about 3,000 employees. Nationalization sounds good in theory, but I doubt that the FDIC currently has the resources to pull it off even if they wanted to.

...the board members must go, along with the top brass. There's no way to "fix the banks" without that.

...as the government has (on behalf of us, the taxpayers), they would have taken ownership already and they would have fired top management -- a routine occurrence in a takeover of a distressed company.

Why should taxpayers get a worse deal than a private entity would?

Because the politicians are in bed with the bankers, that's why. Because the ruling elite cannot tolerate the thought that shareholders and the wealthy might have to bear the burden of a loss -- while they're perfectly happy to see taxpayers bear that burden.

Because capitalists are all about privatizing the profits and socializing the losses.

We can do better than this. And it has nothing to do with how many people work for the FDIC.

And, the FDIC is still feverishly hiring according to a report on NPR. Thus, to suggest that the FDIC does not have man power issue is betrayed by the facts.

Update: The FDIC just opened an office in Irvine, CA and is now making appearances at on-campus career fairs.

You have to wonder why the sudden increase in FDIC man power. Hmm...

I think that explains alot.

Hopefully as we work our way out of this pit, this country will see the wisdom of the establishment of publicly-funded elections so we don't fall back in the same hole again. All these bailout in my opinion are the result of Wall Street and the bankers holding a gun to our elected officials' heads.