Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Does the Constitution allow for nationalizing a bank, or would it be considered a "taking" of sorts?
Um that doesnt matter.. I 'm not sure they even read the constitution anymore. They dont even read the bills the vote on what makes you think they will read that document.
When you can't trust your government anymore its time for a new one.
Nationalization? You mean I am paying the wages of overpriced financial advisors and all that crap in BoA and Citi? NO... let them bankrupt and get bought out by someone else.. I don't want to pay a junior CEO millions of dollars so that he can go golfing.. I already have senators that do that...
What he said
Let them go belly up, managing a financial business isn't that freekin hard, it's not like a manufacturing operation. Don't support businesses that made irresponsible decisions and are managed incompetently with taxpayer money. If for some (twisted) reason taxpayer money were to go to a bank, it should be to one of the successful ones, reward success, not failure.
Does the Constitution allow for nationalizing a bank, or would it be considered a "taking" of sorts?
I suppose it could be considered "taking" if we were talking about purely private deposits on hand. But the banks that could be nationalized, have and operate on taxpayer funds.
I suppose it could be considered "taking" if we were talking about purely private deposits on hand. But the banks that could be nationalized, have and operate on taxpayer funds.
So is it "taking" or is it "receiving"?
Good observation. There's that FDIC involvement too.
Not likely that the bank would sue the Government for taking its toxic a*s out of circulation anyway.
It's so funny, if a Republican was in the White House right now, liberals would be freaking out.
But with Obama in, their new "talking point" is no one can fix this economy or that it'll take a second term to fix it.
Let them go belly up, managing a financial business isn't that freekin hard, it's not like a manufacturing operation. Don't support businesses that made irresponsible decisions and are managed incompetently with taxpayer money. If for some (twisted) reason taxpayer money were to go to a bank, it should be to one of the successful ones, reward success, not failure.
A few quick points:
1. Virtually all of the major banks in the US are on the edge; we simply can't allow most of the major banks to fail. The problem is that banking and other aspects of the financial sector of our economy are central to the American (and global) economy as a whole. If the banks all collapse then the entire economy collapses with them; without banks virtually no businesses can survive. Modern economies are built on the back of the financial sector; without a viable financial sector businesses and individuals can't get loans nor do they have anyplace to store their money. No matter how much we don't like it, we can't allow the complete collapse of the US banking system.
2. You say 'don't support businesses that made irresponsible decisions' which sounds good, but doesn't work when the businesses in question are the center of the economy. More importantly, nationalization isn't 'supporting' these businesses in the traditional sense, rather its a means of acknowledging their irresponsibility and no longer allowing them to operate on their own. Since banks are critical, nationalization may be the only answer. Nationalizing will increase accountablity and allow for the removal of executives who have brought about the crisis in the first place.
3. There appears to be a surprising level of bipartisan support for nationalizing the banking sector. What has shocked me is that it has thus far been Republicans who have been pushing this idea! Someone as conservative as Ben Stein (who I can't stand, by the way...) called for nationalizing banks months ago and since then a few Republican congressmen have said the same thing. Democrats are belatedly coming to do the same thing; I think Democrats have been wary of calling for nationalization because of the stigma associated with such overtly socialist approaches. The problem is, however, that we're running out of other viable options.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
