Will government be forced to nationalize banks?
How strange is politics?
In an exchange on ABC’s This Week, two Republican congressmen, Sen. Lindsay Graham and Rep. Peter King, both stated that the economic crisis might force the government to nationalize the U.S. banking system. What?!!? Two fiscal conservatives calling for the possible need for major government intervention into the private sector?
Graham said, “This idea of nationalizing banks is not comfortable. But I think we’ve got 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.”
To make the situation even more bizarre was that opposing the nationalization of banks was Democrat Senator Chuck Schumer who said, “I would not be for nationalizing. I don’t think government is good at making these decisions.”
Also, earlier this week, President Obama voiced his opposition to nationalization when he said, “We want to retain a strong sense of that private capital fulfilling the core — core investment needs of this country.”
Story and video can be found here.
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