[Post Summary]We will make you ornaments of gold
—Song of Solomon
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Watching CNBC's Maria Bartiromo interview Bank of America's CEO, Ken Lewis, we see the fret over nationalization being raised once again. Yet, here we find a perfect case-in-point supporting why banks should be nationalized.
Treasury Secretary Geithner will tell you confidence is the most crucial problem at the core of our financial breakdown crisis. This concern largely is rooted in fear over the fact the banking system has taken on too much leverage.
Who took on this excessive leverage? Why, the very people who argue we do nothing to increase confidence. Surely, a nationalization can be most easily structured to affect increased confidence. That's why nationalization of the banking system is the smartest route if we are to rapidly right a badly listing ship. Case closed.
—Tom Chechatka
1 comments:
Maria asked some tough questions.
Too bad Mr. Lewis does not see how BAC is being weakened for consumption into JPM? GS? MS? GE?
The bank's best shot at ever again being an independent Bank of America (rather than carrion, picked apart for pennies on the dollar) requires its immediate nationalization.
Ditto C.
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