The US government may have to nationalise some banks on a temporary basis to fix the financial system and restore the flow of credit, Alan Greenspan, the former Federal Reserve chairman has told the Financial Times.
In an interview with the FT Mr Greenspan, who for decades was regarded as the high priest of laissez-faire capitalism, said nationalisation could be the least bad option left for policymakers.
”It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring,” he said. “I understand that once in a hundred years this is what you do.”
Come on in, Mr. Greenspan, the water's fine. Now unless you plan to serve as the private pitchman for this plan to the rest of the idiots who got us into this mess, kindly shut the fuck up.
Meanwhile, since it's unpolite to talk about such things, here's a list of the banks we've already nationalized since 2000, provided without comment.
