I want to draw more attention to Geithner's justification for not simply nationalizing the insolvent banks and liquidating shareholder equity as quoted in the NY Times:
He discouraged speculation that the plan would include the nationalization of some banks.
"We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system," he said.
This is a flat out ideological statement. One might even call Treasury Secretary Geithner an ideologue for this stance.
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