A better financial rescue plan for the US | 16 comments (16 topical, editorial, 0 hidden)

Re: Temporary nationalisation (none / 1)

Temporary nationalization is a non-starter ...

Maybe the difference is in the spelling, but temporary nationalisation is exactly what Her Majesty's Treasury appears intent on doing this week with Bradford & Bingley....

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Sun Sep 28th, 2008 at 02:44:02 PM EST
[ Parent ]

Re: Temporary nationalisation (none / 0)

Also, AIG was effectively nationalized, wasn't it?

A bomb, H bomb, Minuteman / The names get more attractive / The decisions are made by NATO / The press call it British opinion -- The Three Johns

by Alexander on Sun Sep 28th, 2008 at 03:12:49 PM EST
[ Parent ]

Quite so ... and what odds it would have ... (none / 1)

... made it through the Senate if it had required additional Congressional authority?

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sun Sep 28th, 2008 at 03:56:08 PM EST
[ Parent ]

Re: Quite so ... and what odds it would have ... (none / 0)

If the Democrats had the interests of the country at heart and not those of the wealthy, they would have give the Republicans the choice between a Swedish/RFC type plan and no plan. Instead of coming up with their own plan, they work with a Republican bill, as usual.

A bomb, H bomb, Minuteman / The names get more attractive / The decisions are made by NATO / The press call it British opinion -- The Three Johns

by Alexander on Sun Sep 28th, 2008 at 04:25:43 PM EST
[ Parent ]

You write as if the Democrats are a homogenous ... (4.00 / 2)

... group. At least 40% of the House Democrats do primarily represent the wealthy ... its not like it could be otherwise with our campaign funding system ... and its not likely that many can completely ignore the interests of the wealthy. Its just that they represent a Whig variety of wealthy rather than a Dry Tory variety of wealthy.

Add to that the fact that the corporate wing gets legislation and the veneer of expertise handed to them by their corporate backers, and House progressives are mostly forced to come up with things on their own, and the outside advice they do get includes things as politically dead on arrival as temporary nationalization of banks, and its not wonder that the progressive wing of the House Democrats do not have a horse in the race.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sun Sep 28th, 2008 at 04:37:04 PM EST
[ Parent ]

Hopefully that means that the UK is not as far ... (none / 0)

... gone into insanity as the US ...

... but by all appearances the Bush administration was perfectly happy with nationalizing businesses to bail them out ... the opposition would be in the Senate, and somehow I do not imagine the House of Lords presenting such a hurdle for a UK government to get over.

The problem is certainly not that the policy is guaranteed to fail if enacted ... while the devil is in the details, its one of the main lines of approach for a government addressing a solvency crisis.

If an academic wants to make the point, "this is a solution that can work, and look how its being ignored", that's a fine lesson on the limits of the political discourse in American today ... but that's different from making a policy proposal that you hope to see adopted.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sun Sep 28th, 2008 at 04:18:57 PM EST
[ Parent ]

A better financial rescue plan for the US | 16 comments (16 topical, 0 editorial, 0 hidden)

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