Graham: Nationalizing Banks Should Be On The Table

[Cash_thatswhatiwant]

In a gloomy segment about the financial sector on ABC'S This Week, two self-avowed fiscal conservatives said that the U.S. Government should at least consider nationalizing the country's banking system as a means of moving beyond the current lending crisis.

"This idea of nationalizing banks is not comfortable," said Sen. Lindsey Graham (R-SC). "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 me, banking and housing are the root cause of this problem. I'm very much afraid any program to salvage the banks is going to require the government... I would not take off the idea of nationalizing the banks."

The remark prompted a bewildered smile of sorts from fellow panelist Maxine Waters (D-CA) who said, to no one in particular, "We have come a long way."

http://www.huffingtonpost.com/2009/02/15/graham-nationalizing-bank_n_167048.html

[jobycom]

1. Umm... What?

Lindsey Graham? This isn't the Onion?

That just sent the Rapture Rating bursting through the ceiling. My head hurts and I need a hug.

[jkshaw]

2. Exactly, joby!

[lunatica]

3. Me too!

:scared:
:hug:

[DCBob]

4. Yes, that was remarkale. Maxine about had a heart attack!

It does appear the next round of negotiations may go better. I think both sides have learned a lesson. Hope so anyway.

[Ikonoklast]

5. I am not feeling well.

Please someone, help me here.

Did I just read that something Lindsey Graham said made sense?

AND THAT I AGREE WITH HIM??



These are definitely Signs of The End Times.

[pansypoo53219]

6. man.

if ms lindsey said it, it must be bad. certainly need to get the current crop of MBAs out.

[w4rma]

7. Very good! The national economy is much more important than a few wealthy stockholders. (nt)

[Fire1]

8. Well, they finally see this shit for what it is!! About damned time!

[ClarkUSA]

9. So the GOP can blame President Obama for being a socialist? No thanks.

Democrats should be against this measure. McCain is also pushing this, which means it's a trap of the first magnitude.

[Telly Savalas]

27. The GOP also opposes a nuclear attack on Canada.

Should Obama launch a first strike on our Northern neighbors to avoid this trap also?

[ClarkUSA]

42. Apples and oranges much?

FYI, top Democrats are against the nationalization of banks while I'm sure they agree with Republicans on nuclear
attacks on close allies. :eyes:

[bread_and_roses]

44. The question is WHY are "top democrats" against nationalization?

Do they think that ordinary wage-earners should be shoveling trillions more into the coffers of the "investor class" to protect them from their own excesses and greed? Are they worried about how many $$ the banksters will be contributing to their next election? They think it's OK for ordinary wage-earners to pay more and more billions or trillions without getting control? No oversight, no restraints, no conditions? I guess that's only OK in the Ds book when it's auto workers?

More proof that we need public funding of elections to get representation for the people instead of the bought and sold system we have now.

[ClarkUSA]

46. For one thing, America is not Sweden.

Here's a good analysis of the argument against nationalization of banks or at the very least, why
Democrats are wary of doing so:

http://www.newyorker.com/online/blogs/jamessurowiecki/2009/02/the-limits-of-h.html

[bread_and_roses]

51. I'm afraid I don't find that "analysis" very convincing

For one thing, it consists almost entirely of some variant of "we are in uncharted territory." Nor is my support for nationalization based on history. It's based on the simple fact that we, the wage-earning taxpayers, the very same wage-earners who's wages have stagnated for something like thirty years while the banksters got obscenely rich, have now pumped I forget how many billions into these insolvent institutions. Seems to me we bought it, we own it. Whereas the banksters seem to think "all your money belong to us" while they avoid even paying a fair share of taxes.

The Democrats don't want to nationalize because then it would "belong" to them, as the majority, and they would indeed be called commies or whatever. But even worse, they might lose some big campaign donors. The Democrats are put in power after the Corporatocracy has run amock and riled up the serfs. Their job, and they know it, is to throw a few scraps and bones to the villagers at the gate with their pitchforks, to get them to go home and be good little serfs again so the cycle can start again on a new round of pillage.

And btw, I do know that America is not Sweden.

edit for typo

[ClarkUSA]

53. I don't find your argument for nationalization based on any economic logic at all.

Class warfare is not a basis for sound economic decisions, as Republicans taught us.

[Kingofalldems]

10. He's a commie!

How do you like that, freepers?

[Dappleganger]

11. The freepers are probably plotting

his untimely plane crash as we speak.

Jeez, if the whiny-ass Graham even sees the writing on the wall, why won't the rest of the party?

[Barack_America]

35. Freepers react:

http://www.freerepublic.com/focus/f-news/2186319/posts

I'll give you one guess what their primary "comeback" is. :eyes:

[Dappleganger]

37. OMG

They DO eat their own kind!

[Rosa Luxemburg]

12. Is Graham going to 'cross the floor' and become a Democrat?

[biopowertoday]

15. Chunk Schumer was on also. He very clearly said NO.

[chill_wind]

21. Chuck Wall Street Schumer said no?

There's a shock.

[flpoljunkie]

26. Here's the must see video of this remarkable exchange.

http://abcnews.go.com/Video/playerIndex?id=6882737

[chill_wind]

28. Thanks. Schumer's totally predictable. He helped pimp Hank thru his confirmation for Bush.

Hank, who went on to blow up the world. Of course he loves Geithner.

I have NO idea what Graham, OTOH is up to! Watching that, I think I've just slipped into an alternate universe.

[bread_and_roses]

45. That was my thought too (n/t)

[Better Believe It]

36. But if Obama pushed Nationalizaton Schumer would support it along with some Republicans

[Fleshdancer]

13. Talk about the biggest "WTF?" moment this morning

Graham? Nationalize the banks? I heard him say it too and I'm still bewildered.

I'm personally undecided on this idea right now. It seems like an incredibly drastic step. What kills me about the banking issue is that everyone says how horrible it is and how much worse things could get, but no one is telling me why exactly. I obviously have a lot to learn. I understand the need for banks to start lending again, but I don't understand why they aren't after the bailout...and the toxic asset issue is a bit over my head right now.

If anyone has a good reference to point me too, I would gladly appreciate it.

[biopowertoday]

16. Grahm also said it would take up to a TRILLION AND A HALF to

help dig the banks out, this 350-the second half will not do the trick he says (paraphasing).

[Fleshdancer]

18. I wish he would have said why it would take that much

I honestly don't understand this. :shrug:

[biopowertoday]

19. Not sure I do either but he mentioned the toxic assets once again I think.

[Marsala]

24. He's probably right

The toxic assets will get more toxic before they get better, with mortgage and credit card defaults increasing in the poor economic climate. Propping up all of the banks with government cash is a very bad idea.

[flpoljunkie]

25. Tragically, he's right.

[Vinca]

14. You can see this plan coming a mile away.

The Republicans whine and whine and whine for nationalizing banks, but when the vote is brought to the floor by a Democrat they go nutzoid and call it communism.

[Fleshdancer]

17. then the legislation should be introduced by either a republican, or be bipartisan

I agree with your scenario if a Democrat introduces this without any republicans publicly on board. I was angry when Arlen Specter admitted that other Senate republicans told him behind closed doors that they support the stimulus bill but didn't vote for it out of fear of losing a future primary race. At a time when we're trying to fight off a depression, these political games are destructive.

[camera obscura]

20. My brain hurts.

[Are_grits_groceries]

22. What's going on?????

There has to be some trick up somebody's sleeve.I just can't figure out what. Lindsay Grahamster didn't just up and become a rational person.

[Better Believe It]

50. Even right-wing idiots can on occasion be correct.

[Hun Joro]

23. Wow...I turned TW off when I saw Graham...I wish I had heard him say that. nt

[Mr. Sparkle]

29. There is an Alien impersonating Sen. Lindsey Graham. Either that or his link is down to the ..

republican collective.

[RepublicanElephant]

30. "it's a trap!!!"

[leftstreet]

31. And then sell back the newly 'healthy banks' to private investors, right?

Like they did with the S&Ls?

:shrug:

[RepublicanElephant]

32. ackbar told ya...

"it's a trap!"
;)

[leftstreet]

33. The Admiral speaks truth

[biopowertoday]

43. It worked in Sweden a few years ago. There was

a thread about this a few days ago.

[Barack_America]

34. I just fell out of my chair. nt

[cliffordu]

38. THIS IS BAIT. LET THAT DIPSHIT graham DRAW UP THE BILL TO DO IT.

Da prez cannot look like he's going to start something like this -

the socialist meme would take off....

[Better Believe It]

39. So should Democrats work with him on such a bill? Sure

Why not?

Let him put his money where his mouth is.

[cliffordu]

41. Yep. Let's see how many guts he really has.

[MadBadger]

40. But the stimulus plan was just too much for you...right Lindsey?

[vaberella]

47. You got to love the Irony...why don't these Repubs just call themselves Dem and end it.

At this point they're turning on their own quickly...Actually all Dems should be wary of them if they do say their Dems because then they'll all be Liebermans. ^_^

What the hell did I just say...Lindsay Graham's admission has made all my words turn out jumbled from shock....oy. :D

[MessiahRp]

48. While his strange allegiance to this position might seem more Democratic in nature...

let's not go off the deep end and believe he should be calling himself a Democrat. He still whined like an infant about the bipartisanship of the stimulus bill and he's still a complete scumbag.

Rp

[vaberella]

49. Agreed...but so is Lieberman...maybe

we should have a new party called the Lieberman's and dump all Repubs there.

[Better Believe It]

52. Just present a nationalization bill and vote it up and down