The Drumbeat of Nationalization …

Here’s more links on my favorite topic … Should Obama Seize Citigroup? – The Opinionator Blog – NYTimes.com

The terms of the debate are shifting. The system is unstable without forceful and direct action. The current shareholder and management combinations of our major banks have proven to be a disaster. Get rid of them and wipe the slate clean.

The point is this: how can we trust the managements, the analysts, the advisors, and the academics who brought us the current toxic mess?

Who among them has earned the right to take taxpayer money without forfeiting control?

Just as much as the banks cannot identify which of their assets are worth anything, we cannot tell which of these management teams is worth anything.

It will take too long to figure that out. So let’s get on with putting in place a solution.

I think it safe to say that those who argue against nationalization are those who endorsed the policies, procedures, and management techniques that led us to where we are. If the market was so efficacious then money would be coming forward to capitalize the banks. It isn’t. The market is broken. Time is a-wasting.

Nationalize.

Now.