Sunday, February 15, 2009

Nationalizing Banks ok with these two Republicans

Link

"This idea of nationalizing banks is not comfortable," said Sen. Lindsey Graham (R-SC). "But I think we've got so many toxic assets spread throughout the banking and financial community, throughout the world, that we're going to have to do something that no one ever envisioned a year ago, no one likes. To me, banking and housing are the root cause of this problem. I'm very much afraid any program to salvage the banks is going to require the government... I would not take off the idea of nationalizing the banks."

The remark prompted a bewildered smile of sorts from fellow panelist Maxine Waters (D-CA) who said, to no one in particular, "We have come a long way."

Indeed we have. While Graham was supported in his assessment by Waters and Rep. Peter King (R-NY), both of whom said nationalization should remain on the table, he found opposition from his Democratic counterpoint on the panel, Chuck Schumer.

"I would not be for nationalizing," said the New York Senator, whose constituency includes the epicenter of the U.S. banking industry. "I don't think government is good at making these decisions."