Do you support temporary bank nationalization in the US?
Do you support nationalizing large, ailing banks in the US? Currently the banks won’t lend even after receiving bailout funds. They care more about their balance sheets and don’t have confidence in the ability of consumers and businesses to repay loans. So instead of wasting taxpayer money to bailout banks who won’t lend, should the government take temporary control of them to get credit moving in a responsible direction? Getting credit moving again is key to jumpstarting the economy.
Sweden took swift action to take control of its banks, while Japan did too little too late to save its banks.
Some banks threatened to pull out of the bailout program if we tax their bonuses. If they are ailing and refuse to lend, give bonuses using taxpayer money, and threaten to pull out, what should the government do?
Obama does not support nationalization, while Republican senator Lindsey Graham of South Carolina favors bank nationalization.
Truman threatened to draft striking railway workers into the military. Reagan fired more than 11,000 air traffic controllers in 1981 when they refused his order to go back to work.
If Truman and Reagan can act boldly when people threaten economic security, should Obama act the same way toward the banks?