Nationalization

Sometimes things are just as simple as they seem.

Right now, the financial community (as reputedly evidenced by the further drop in the Dow Jones) is in a panic about the 'nationalization' of the banking industry. Let's set aside for the moment that no pending proposal really calls for that--even though they should. Let's actually think about the idea of the banking system as an arm of the Federal Government.

First of all, when someone pays an agreed upon amount of money to buy something, they own it. One automaker or drug company or local coffee shop buys another one--they own it. You buy one of those cars or pills or lattes--you own it. This is called the 'free market'. (Remember, once upon a time, when the Republicans prayed at that altar?)

But Jesus, we can't let that happen! The government owning the banks?! Think how bad that would be--the government screws up everything!

Wrong. If that's so, you're saying our brave fighting people in Iraq are screwups. You're saying the people who patrol your streets and put out your fires are screwups. You're saying George W. Bush was a screwup...(ah, well, OK, I give you that one).

The point here is that government is a product of people. It does not live and breathe on its own. And as a product of human beings, its value is simply the product of the people who lead it and provide it every day. To think otherwise is to say that all companies are bad...or all schools...or all rugby teams. There is, of course, conclusive proof to my contention: FEMA under James Lee Witt--very, VERY good; FEMA under Joe Allbaugh and Michael Brown--very, VERY bad. See what I mean?

Next point--if you fear the government running the banks, I ask you, how could they possibly do as criminally poor a job as the masters of the universe who have run them over the last five years? Honestly. Think of it this way. As a government agency, there will be regulations and laws for lending practices. If you break those laws (say, something as stupid as letting people make up their own income and fill that in on the loan form--really, who could be that dumb...), well, you could face prosecution and jail time. On the other hand, as long as banks remain in private hands, bad and greedy people are going to try to make more money for themselves.
So, government control=fixed salaries, no bonuses, oversight, transparency. Private control= what we have now. You choose.

What we are seeing at the moment are the same hypocritical bastards who ruined our economy yelping about how our economy might be ruined. These people shouldn't be on TV and in boardrooms trying to save their jobs--they should be in jail.

As long as our tax money is buying up their mistakes, we get to say what happens next. Free market--love it or leave it.