Nationalize Citibank and Bank of America now

[flabbybody]

not sure what it means exaxtly when the US government takes ownership of these 2 banks but with Citi below $2/share and BAC at 3 I'm thinking our savings accounts and CD's may be in jeopardy. Without Uncle Sam, who's to say these guys won't tell us their ATM's don't have any cash left

It could take the FDIC years to sort this shit out if these companies go belly up

anyone else worried ?

[chefmike]

Who isn't?

But while we're on the subject of nationalization...

...nationalize oil!

http://www.huffingtonpost.com/raymond-j-learsy

"A conservative is a man with two perfectly good legs who, however, has never learned to walk forward." - FDR

[95racer]

The founders of this country warned us about the goverment being involved in or taking control of the banking, financial industries. The first step towards this was the Federal Reserve.

I definitely don't want the creators of the social security system and medicare to run the banking industry. They have already contributed to the problem we have now. Then they tell us they know how to fix it! Ya, right.

[chefmike]

The founders of this country warned us about the goverment being involved in or taking control of the banking, financial industries. The first step towards this was the Federal Reserve.

I definitely don't want the creators of the social security system and medicare to run the banking industry. They have already contributed to the problem we have now. Then they tell us they know how to fix it! Ya, right.

Sounds like a....

[lahabra1976]

This is going to suck if they do this, can you imagine going to the bank and having the same feeling like being at the post office...lol

[callahac]

Anyone that has confidence in the government solving anything is seriously misguided, not to mention govt being involved in every aspect of our lives goes against everything this country was supposed to stand for.

Most of the folks in our leadership couldn't even run a McDonalds let alone the largest economy in the world.

[chefmike]

Anyone that has confidence in the government solving anything is seriously misguided, not to mention govt being involved in every aspect of our lives goes against everything this country was supposed to stand for.

Most of the folks in our leadership couldn't even run a McDonalds let alone the largest economy in the world.Lay off the Limbaugh, LOSER!!

[Odelay]

Anyone that has confidence in the government solving anything is seriously misguided, not to mention govt being involved in every aspect of our lives goes against everything this country was supposed to stand for.

Most of the folks in our leadership couldn't even run a McDonalds let alone the largest economy in the world.

Anyone that has confidence that the banking industry will fix itself is a mark. In the con game (con short for confidence, by the way) the trick is to continue to have marks pony up more cash in the belief they're going to get rich. The top of the banking game is full of con men.

Saw a video clip of a guy down on the trading floor who had the balls to level some pretty harsh criticism for Obama and the government. And he had all these other traders egging him on. The balls of these people. They should have their balls cut off and fed to them for what the crisis that they created and enabled.

[chefmike]

Anyone that has confidence in the government solving anything is seriously misguided, not to mention govt being involved in every aspect of our lives goes against everything this country was supposed to stand for.

Most of the folks in our leadership couldn't even run a McDonalds let alone the largest economy in the world.

Anyone that has confidence that the banking industry will fix itself is a mark. In the con game (con short for confidence, by the way) the trick is to continue to have marks pony up more cash in the belief they're going to get rich. The top of the banking game is full of con men.

Saw a video clip of a guy down on the trading floor who had the balls to level some pretty harsh criticism for Obama and the government. And he had all these other traders egging him on. The balls of these people. They should have their balls cut off and fed to them for what the crisis that they created and enabled.Yeah, I saw that clip on MSNBC. Obama's press sec Gibbs just leveled his ass at the press conference.

[lahabra1976]

Well hold on a second, I mean callahc does have a point. This is the way we done things since the beginning of America's time. America has thrived off private enterprise. I mean sure it has failed us at various times in history like the great depression and now. If you are looking for a perfect system, you will end up chasing your tail. But we need to think about very seriously before absolishing a system that we have used for 2 centuries.

I still think the best idea is for government to provide more of a helping hand, but not doing the job itself. Perhaps the way they have done it just by throwing money at it isn't the best idea, but they just have to reconsider a more thorough solution to avoid greed and bonuses and people taking advantage of the system thats all.

[callahac]

Anyone that has confidence in the government solving anything is seriously misguided, not to mention govt being involved in every aspect of our lives goes against everything this country was supposed to stand for.

Most of the folks in our leadership couldn't even run a McDonalds let alone the largest economy in the world.

Anyone that has confidence that the banking industry will fix itself is a mark. In the con game (con short for confidence, by the way) the trick is to continue to have marks pony up more cash in the belief they're going to get rich. The top of the banking game is full of con men.

Saw a video clip of a guy down on the trading floor who had the balls to level some pretty harsh criticism for Obama and the government. And he had all these other traders egging him on. The balls of these people. They should have their balls cut off and fed to them for what the crisis that they created and enabled.Yeah, I saw that clip on MSNBC. Obama's press sec Gibbs just leveled his ass at the press conference.

This crisis was created with the full co-operation of the leaders in the US govt. They are in bed with the banks and for that matter all of private industry. If you don't think so then just do some research on who is lobbying who in DC. So again you want these people to ride to the rescue to save us? Personally I don't trust any of them and whatever is going on is all being done to save their buddies butts, not ours. That goes for what Bush did before he left and what Obama is doing now.

BTW Chef Mike, don't call me names, you don't even know me.

[El Nino]

You make great points Callahac. Regarding Chef, name calling is all he has in his arsenal...

[flabbybody]

this is the prick from CNBC who keeps saying the markets will take care of themselves and the government should not intervene in the failing economy. I guess if he gets fired he won't accept unemployment insurance

[Maxwell]

this is the prick from CNBC who keeps saying the markets will take care of themselves and the government should not intervene in the failing economy. I guess if he gets fired he won't accept unemployment insurance

Markets do take care of themselves. The entire reason the market crashed in the first place is because of massive government regulations and corrupt asshats like Barney Frank who helped to charter Fannie and Freddie. It was the government pressure put upon those organizations to allow the go ahead of loads of sub-prime mortgages that ended up forcing us to pay a trillion dollars for bad paper.

All this stimulus bill and bailout nonsense succeeds in doing is waffling the market and slowing the healing process. It's very similar to how FDR's New Deal programs ended up prolonging the depression while it was in the midst of rebuilding.

Privatization is not a bad thing. In fact, it's what made America the superpower that it once was. However, with more regulation, it's been degraded.

[lahabra1976]

I agree Maxwell, but there probably has to at least be some balance. I mean deregulation was based off the idea that the markets can take care of themselves, but we saw that was a bad idea for the government to deregulate.

The markets can take care of themselves up to a certain extent. Obviously, if everything becamse private like school and law enforcement, might not be the best idea cause crime would skyrocket and that would effect business and just overall harmony. But at the same time, the government has to not overrestrict to ruin private enterprise. There just has to be a balance. So the government has to put enough restrictions/regulations so we don't repeat this diaster, but still leave enough room for private/free enterprise. Definitely a hard balance to achieve.

[justatransgirl]

...nationalize oil!



LOL - for once the Junkyard Dog and I agree on something! :-)

Should have nationalized oil 30 years ago. It should be a worldwide resource, not just to enrich a few.

The problem is if B of A (and perhaps a couple of other large banks) goes down it could take the whole banking system, the FDIC and potentially even the government down with it.

Let's hope I'm wrong.

When the Titans are falling it's time to check your hole card.

And it can also be a GREAT time for an astute person to make a buck.

TS Jamie :-)

[justatransgirl]

Oh PS - when I was at B of A today they got a fax from Lewis, saying that the bank was sound and not to worry, etc...

You know... the sort of letter they send out the day before they chain the doors...

I will not be surprised to see a take over during the weekend. BofA and Citi can't sustain further stock erosion.

Sigh,
TS Jamie :-)

[eddymunster90]

Thank god I'm not with those two banks. If they have to fall then let them fall. Its the way our system is supposed to work.

[Alyssa87]

shittybank and skank of america

lol...ah, i love you bill maher.

[doomGeneration]

I really can't comprehend how naive you have to be to make blanket statements like deregulation will fix the crisis. It's absolute lunacy.

[celticgrafix]

shittybank and skank of america

lol...ah, i love you bill maher.

come on now i like boa

[Bob's Tgirls]

not sure what it means exaxtly when the US government takes ownership of these 2 banks but with Citi below $2/share and BAC at 3 I'm thinking our savings accounts and CD's may be in jeopardy. Without Uncle Sam, who's to say these guys won't tell us their ATM's don't have any cash left

It could take the FDIC years to sort this shit out if these companies go belly up

anyone else worried ?

I doubt the US gov would do any better. They've sat on their collective hands for years and allowed this situation to get to where it got. And the credit rating of the US is in the toilet around the world. Our national is beyond way out of control.

I don't know what the answer is but I'm generally against nationalization of anything because government entities are never efficient.

[Border80]

Some of you people really need to take some accounting, finance or economics courses. It's a self-regulating economy. Bubbles come and go, everything good in the economy is a bubble that eventually bursts. Some of those bursts hurt a lot more than others. As for banks failing, that's why they're federally insured. Your money will not be lost, the FDIC will cover it, I doubt anyone on here has more than $250,000 in a savings account because that is the limit and if you're dumb enough to keep that amount of money in a bank you deserve to lose it. As for bank CDs, that's just another terrible idea, invest in something real that doesn't tie up your money. If left alone, the failing companies would collapse and be replaced by more efficient companies who aren't tied up in the original mess which will give us a more efficient economy in the long run. Anyone who thinks the stimulus will work really needs to go take a few classes related to how this all works.

[Justawannabe]

To all who think the economy takes care of itself... remember that the new companies that will replace the old don't have to end up being american companies.

On the 'nationalization' of the banks... please keep in mind, that the fed government owning a portion of a bank (particularly if they bought it for a short period or had a contract limiting the banks that take money until it is repaid) does not mean that the bank will be run like the fed government.

They are not talking about replacing the boards and ceo's at this point, nor forcing the bank to take the money. If the market has another answer, it's open to the banks in question. If the FDIC had to pay out to all those folks with accounts it's not like it would be that much different than the fed owning the bank for a while.

It would be different if the Fed were trying to take over all the banks, or take them over permanently. Last I heard it was short term investment with strings for the duration of the loans... not whole sale ownership, with plenty of private alternatives to chose from.

And I'm well aware of the nature of government to grow and not recede, but on occasion even government can do the right thing for the right period of time.

I'm just saying let's be careful with the 'nationalization' style talk. It's not the same as some countries taking over their oil businesses and making them wholely owned by the government, this is a much more limited move as far as I've seen so far.

But of course I could be wrong...