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Thread: White House considers ownership stakes in banks

  1. #1
    jvirginia is offline INCIIDer - A Community Creator
    Join Date
    Jan 2006

    Default White House considers ownership stakes in banks

    What do you think?

    My DH got back from a conference yesterday and he said that the recession is going to be severe. This is not something that the "ingenuity of the American people" can get us out of. There are self-fulfilling prophecies happening everywhere that are going to lead to a major contraction of our economy. His company is actually in quite good shape fundamentally but because of the credit market they are in a panic scramble for cash like everyone else, and he put us on a severe budget saying no one's job is safe, and that if you lose your job right now you should not expect to find one for the next 2 years at least. I had a hard time sleeping last night.

    On to the original topic, obviously I am not a fan of nationalization but in this case I think partally nationalizing the banks and then re-selling them in 3-5 years through an auction process could actually help stop this thing AND give taxpayers an ownership stake.

  2. #2
    seals is offline INCIIDer - A Community Creator
    Join Date
    Jan 2006

    Default I know some people are not a fan of Suze Orman

    But I liked, and have to say I agree with, her description:
    "Itís as if the economy right now is in the I.C.U. unit of a hospital. We are in intensive care and they are throwing everything type of medication at us to cure what is going on. They are panicking because why? Nothing is working. They tried this, it didnít work. They tried that medication, it didnít work. They are running out of prescriptions to give it. We are going to be in the I.C.U. unit for a while. Eventually, I donít know when that will be, six months, a year, year and a half, we will get out, weíll be in the hospital then. Weíll stay in the hospital for about a year or two. After another year or two we will end up in rehab and then weíll be okay. This is a long stretch. People have to stop panicking. This is here to stay, if you ask me, for a long time."

    I don't think there's any one, quick solution. This is not a tv show or movie that can be solved in an hour.


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