Nationalize Me!


NATIONALIZE ME!….With all the talk of bank nationalization in the air, I’d just like to point out something directly that usually gets mentioned only in passing: we’ve already done a whole lot of nationalizing. Even if you don’t count the forced takeover and sale of outfits like Wachovia, Washington Mutual, Countrywide, IndyMac, and Bear Stearns, the fact remains that we’ve already nationalized three enormous financial institutions: Fannie Mae, Freddie Mac, and AIG. We just don’t like to call it that.

I don’t really have a point to make here aside from the fact that, in many cases, we seem to be more allergic to the word “nationalization” than to the actual fact itself. Citi and BofA would be different animals because of their size and reach, and long-term government control of such large banks remains problematic, but still: taking them over would hardly be unprecedented, even here in the United States.

And one more thing while we’re on the subject: Since you, the American taxpayers, are now the owner of AIG, you’re also the main sponsor of the Manchester United football club. The last time I mentioned this, the season was young and our club was mired in 14th place. But I’m happy to report that since the U.S. takeover of AIG in September, our plucky lads have been playing well and Man U now leads the Premier League. Who says nationalization is bad for business?

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