I. Nationalization of Major Banks
May 14, 2009
At the behest of my staff and other victims of my rants and raves, I’d like to get a few things off of my chest. Armed with little more than elementary logic and observations, I welcome any reasonable commentary and perspective on these issues.
First, can anyone give me a reasonable (not emotional) answer as to why we did not nationalize the major banks- those who receive prime/ subprime loans (How many? Five banks perhaps?). The Treasury, already the de facto “deep pocket,” would not have to lend (give) nearly as many trillions of dollars in cash for mismanagement of those banks and to fill every nook and cranny, every insidious hiding place, with secret cash, to finance every slimy deal imaginable- all with the hard earned money from taxpayers. For “other” monies, the government could “hold the paper.” Virtually all “available” funds could be used and circulated rather than necessitating the printing of so many bogus inflated dollars.
Why this was not done remains a blight on our own citizens and our psyche. Consider that Goldman Sachs, like Haliburton before it, was financed by one of its own, Henry Paulson. He saved his own fortune- much as Dick Cheney had sacrificed soldiers’ lives and taxpayer money to grow his fortune. Their phony blind trusts are just greenhouses where these people water and fertilize their wealth and watch it grow. The water is the sweat of soldiers and hard-working taxpayers, the fertilizer the devalued lives of those same citizens.
Whatever is left, in the end, will be eaten by massive inflation. Our stock is not preferred stock, it is common stock. No dividends, no capital gains, no benefits except to the Oligarchs. Meanwhile, with nationalization of the banks, comes managed bankruptcies instead of bailouts. Reorganized companies could have reasonable expectations of reasonable loans based on reasonable reorganization blueprints. No obvious bailouts of obvious perpetrators of obvious illegal and immoral schemes. No obvious bailout of an obviously flawed, terribly flawed paper-fairy tale system that bilks the middle and lower class peons at the hands of the aristocracy.
Allen Finkelstein, D.O.