Should the banks be nationalized?

Posted on February 4, 2009. Filed under: Money, Politics | Tags: , , |

My good friend Mark and I were talking last week about a very controversial issue that not a lot of people aren’t really talking about, and haven’t really thought of. The banks have done a terrible job managing money. We bail them out (again) and then they give 14 billion in bonuses to top executives. Great plan, right? So here is a concept that I think is crazy. Only some people are held accountable. For example, last week in atlanta, a man steels some bubble gum from a store. He is caught on video tape, then goes to jail, over 35 cents! Yet we have no idea what the banks are doing, where there are no doubt some crooked things being done. Why can’t the banks be held accountable? What if the government took control for a while? They could put a limits on profits, control risk and spending, and monitor the big bonuses. I am a republican, and all about smaller government and deregulation, but what if we can’t handle the freedom? When I was teenager, I overstepped my boundaries and broke the rules. As a result, I was grounded and temporarily lost my freedom until I showed my parents that I could be trusted again. Do you think our freedoms should be taken away if we violate them, at least until we can show we can be trusted again? What if we applied this to the banks, and all the other political screw ups going on right now? What do you think?



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7 Responses to “Should the banks be nationalized?”

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After seeing Obama’s “stimulus” bill, do you still want to hand the banks over to the government?

Ha ha no, not at all, but it is a scary and controversial issue. Someone brought it up to me, and the thought of it scared me to death. I thought it would be cool to blog about see what other people thought. I will say though, that I believe some accountability is needed. You show me a business, organization or person who isn’t held responsible for their actions, and I’ll show you the beginning of the end, at least in many cases. What do you think?

I’m pretty sure this is a bad idea that strikes at the very core of supply and demand economics. Right now, you don’t trust bank executives. Imagine if elected politicians held the same “purse strings” that those executives hold. I haven’t seen a politician I trust YET. Do you really want them being able to lock up our money and use it for what THEY want? Why trust the government to “do the right thing”? I don’t.

The difference between socialism and capitalism? Under socialism, banks are first nationalised and then go bankrupt. In the capitalist system it appears to work the other way around.

Editor- I know the difference between the two. I am merely posing the question of which is worse? Our current situation or a socialist economy?

Well, as far as the recent economic crisis goes, the banks have lost more money than they have ever made in the history of banking (I read that in an article in Newscientist Magazine.) That’s saying a lot! I sort of see Bernard’s point, after all, Fanny Mae is a government sponsored enterprise, and look at the mess they made?

Just a link to offer you to read. This doesn’t argue for or against your thoughts; it’s just related 🙂

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