Powerful government officials and financial analysis from Joseph Stiglitz to President Obama to Senator Lindsay Graham (R-SC) to Alan Greenspan have stated that temporary and partial nationalization of banks on the "Swedish model" should be on the table. This model is, in short, finding the insolvent banks, placing them into federal receivership, closing them, paying off their depositors, wiping our their shareholders, straightening out their books, and then reselling them to the private sector at auction. It is heartening to see this sort of open-mindedness from important figures with such a wide ideological perspective. No matter someone's ideological predilections, it is good not to become an ideologue (even though the term "ideology" has unfortunately become synonymous with "ideologue" lately) and close yourself off to available options that have a demonstrated track record of success.
by Zach Carter, Media Consortium MediaWire Bloggger
Since the U.S. is officially in a recession, and the Congressional Budget Office has predicted the worst economic downturn since the Great Depression, just about everybody acknowledges that times are tough.
I never thought I would see these kinds of headlines. We're living in pretty bizarre times, aren't we? Now where is that old Democratic Socialists of America button I used to have?
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