With all the concern about the Federal government nationalizing banks, you have to understand that there is a major incentive to NOT want to do that. Our country is based on capitalism, albeit it has been a modified form and with the last few decades we have been in what can be called world wide capitalism at it’s best. People and countries moving markets left and right. We didn’t have any checks or balances. Okay, so moving forward what can we do?
For the short term, unless somebody comes up with something else, the Federal government is looking to step in to help cover bad loans. Personally, I think it is a bad idea and that businesses should be allowed to die off if they are bankrupt. People have been cut off left and right already so at this point there isn’t much left of a lot of the beasts except a debt filled corporate carcass.
Unfortunately, that isn’t how things look to be going and a lot of companies may be saved with the Federal govt stepping in. Saved is a generous word since there will be major accountability issues and probably a lot more red tape than the companies had before.
Ultimately it isn’t going to help the average taxpayer until jobs are being created again and wealth starts getting back into the hands of the American and subsequently world population.
There will be more of a freefall in the stock market like Monday was if more and more banks get partial or complete subsidies to run their business. The share values of stocks will be worth next to yuck and phooey in terms of price. Where is a good place to put your money? I am open to suggestions.
Be safe and healthy!
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Kim Isaac Greenblatt
Government May Have Partial Nationalization of Banks