The man responsible for the financial destruction of the world should just go away.-LouGreenspan Suggests Bank Nationalization
Wednesday, February 18, 2009
Former Fed Chairman and longtime free-market icon Alan Greenspan now says nationalization of U.S. banks might be the “least bad” way forward in the ongoing financial system collapse.
In making the comment, Greenspan joined Republican Senator Lindsay Graham (R-SC), a member of the Senate Banking Committee, in testing the waters for support of the idea of letting government simply take over failing banks. Germany also this week cleared the way for bank nationalization as a last resort.
“It may be necessary to temporarily nationalize some banks in order to facilitate a swift and orderly restructuring,” Greenspan told the Financial Times in an interview.
“I understand that once in a hundred years this is what you do.”
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