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False Dilemmas in Bank Nationalization

Nationalization is a hard sell politically. Small government, free-market types naturally have a problem with the Feds coming in and taking over stuff. But counterintuitive though it may be, overt nationalization is more consistent with the principles of a free market than covert government subsidy. Real capitalists nationalize.
I don't know a damn thing about Steve Randy Waldman, but he doesn't know a damn thing about "real capitalists" so I suppose that balances things out.

A real capitalist would hopefully, by this late stage in the game, be telling all involved to fuck off and leave his and his clients' property alone. No TARP. No bailout. No asset seizure. No taxes. No SEC. No legal tender laws. No state. No matter what professional liars say would be the projected harm to "our" economy: no violation of basic principles.

How's that for a third way?

Posted by drizzten on January 22, 2009 01:48 PM |

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