IT’S AN ATTACK ON ALL FRONTS

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I said it from the very beginning: once the trough was opened, the pigs would never stop coming and, further, they would bring their friends:

DETROIT (AP) – Billions of dollars in government loans to prop up General Motors and Chrysler won’t be enough. The companies, which have received $17.4 billion so far, filed plans with the government more than doubling that request to a staggering total of $39 billion.

LET. THEM. GO. BANKRUPT. Force them into restructuring.

Former FedRes Chair Alan Greenspan thinks it’s a good idea to nationalize our banks:

The US government may have to nationalise some banks on a temporary basis to fix the financial system and restore the flow of credit, Alan Greenspan, the former Federal Reserve chairman, has told the Financial Times.

Further, now some on the GOP side had bought into this:

Lindsey Graham, the Republican senator for South Carolina, says that many of his colleagues, including John McCain, the defeated presidential candidate, agree with his view that nationalisation of some banks should be “on the table”.

A good idea, says Mr Obama:

Barack Obama, the president, who has tried to avoid panicking lawmakers and markets by entertaining the idea, has moved more towards what he calls the “Swedish model” – an approach backed strongly by Mr Graham. In the early 1990s Sweden nationalised its banking sector then auctioned banks having cleaned up balance sheets. “In limited circumstances the Swedish model makes sense for the US,” says Mr Graham.

The German cabinet approved a law on Wednesday letting it nationalise banks, setting aside a reluctance to seize private property in the latest government intervention worldwide to tackle the financial crisis. Germany said it was not planning to extend the role of the state through the bill, which it described as a last resort and could lead to the forced nationalisation of struggling German lender Hypo Real Estate (Xetra: 802770 – news).

But it nonetheless set aside a postwar commitment to respect private property, becoming the latest government to edge away from free market policies, instead using state support to prop up flagging banks and industries.

Read this: German private property can now be seized.

“We are all Socialists now,” says Newsweek magazine.

At this rate, you think your property can’t be seized in the future?

BZ
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6 thoughts on “IT’S AN ATTACK ON ALL FRONTS”

  5. 02 19 09

    Hey BZ:
    Despite my advocacy that the octo mom NOT be denied help in raising her kids, your points are valid. And interestingly enough, I have been preaching the same message since these so called bailouts were proposed and sneakily implemented last year.

    These bailouts were NEVER a good idea. If the economy is in that bad shape, then give Americans each a cheque for a hundred thousand dollars and I am sure the economy would be stimulated just fine!

    I feel really cheated now. All my life, we are taught to be compliant and follow the rules and if we do so, we will end up successful. But when asshole psycophaths rewrite the rules, what am I left with but a broken heart, a maxed out set of unsecured debts and a bottle of Jeiger?

    It makes no sense to prop up banks that fail. The ONLY thing to do is to insure the debts up to a certain amount and give investors their deposits should the banks fail. But other than that, let it go.

    We are on the brink of serious changes. I believe the Obama administration thinks socialism is a virtue and the abuses on our Constitutionally given rights will make the Patriot Act look like pleasure!

    Already, they are talking about taking away individual gun ownership rights little by little and it pisses me off to no end!

    I am rambling now, but you got me going. Have a nice day.

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