Greenspan Calls for Nationalization of Banks

Wow, that's a big one. Mr. "defender of untrammeled laissez-faire" now thinks troubled banks should be nationalized. Its seems inevitable, especially with the new bank loss estimates vs. capital.

Most recently, Greenspan's ideological journey has taken an abrupt left turn. On February 18, the Financial Times reported that the one-time libertarian devotee of Ayn Rand now thinks the government might be best advised to take over 'lemon' banks. "It may be necessary to temporarily nationalize some banks in order to facilitate a swift and orderly restructuring," he said in an interview.

This is probably the best article: The Oracle Or The Master Of Disaster? about Greenspan and the current economic crisis I've read.

I've have shunned the Huffington Post for the NY Times and even the WSJ.com. But neither would/could write an article as concise and accurate as this on Greenspan. New Media taking over? I think yes.

Also, Staunchly Conservative Republican Senator Lindsey Graham also calling for the nationalization of banks. Its seems inevitable.

Several Republicans have offered support for the concept of nationalization, including Sen. Lindsey Graham (S.C.), who said nationalization should be considered during an appearance Sunday on "This Week with George Stephanopoulos."

"This idea of nationalizing banks is not comfortable," said Graham, a close ally of Sen. John McCain (R-Ariz.). "But I think we have gotten so many toxic assets spread throughout the banking and financial community throughout the world that we're going to have to do something that no one ever envisioned a year ago, no one likes."

(Via Huffington Post)