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1

Nobody speaks your language, Charles. Nobody.

Posted by Mr. Poe | August 13, 2008 4:21 PM
2

No! Besides, we are on the path to Socialism... We're just starting with socializing risk (while profits remain privatized).

Posted by High-Rise | August 13, 2008 4:55 PM
3

Your language? That's odd - I didn't see a reference to Italian women, rap or taking it up the ass anywhere in there.

Posted by Puzzled | August 13, 2008 5:36 PM
4

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Posted by Self-Hating Hipster | August 13, 2008 6:41 PM
5

Interesting that Greenspan is publically proposing nationalizing the Mae and the Mac.

I suspect he's quite aware that socialized societal organelles are more efficient than our current all-private, all-the-time system.

If only business money-power could be checked to allow us to do that here.

Oh, and we couldn't obviously call it socialism... at least not immediately.

How about we call it "economic democracy".
You know what I mean by that Charles. ;)

Posted by treacle | August 13, 2008 8:30 PM
6

ahhh... well now that you put it that way...

Posted by isweatbutter | August 13, 2008 11:04 PM
7

Did nobody see the 'reconstituted as 5 or 10 privately held companies' part? He's talking about breaking up a monopoly, which is pretty much the opposite of socialism. Or rather using a socialist tool - nationalization - towards the capitalist goal of more competitors in the market.

Posted by NaFun | August 14, 2008 8:09 AM
8

No!

1.) This would have caused a precipitous decline in the U.S. dollar since much of the equity in Freddie and Fannie is owned by foreign governments. If the government won't stand behind its commitment to the Fs, there's little reason to believe that it's credible elsewhere.

1b.) This would lead to inflation.

1c.) Which leads to higher interest rates.

1d.) Which leads to more defaults when mortgages reset.

2.) The nationalization would be followed shortly thereafter by the sale of the broken up units to private ownership... you'd be paying to shore up the institutions so that big banks can make money from it.

Charles, you really don't get the economics do you? Please go back to your bad philosophy. I so much more enjoy your foibles in that camp ("Let's play 'Has Charles been reading Bataille?").

Posted by eric sic | August 14, 2008 11:15 AM

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