The Dark Side of the Moon

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Professors Jumping on My Band-Wagon--How Dare They?

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Professors Jumping on My Band-Wagon--How Dare They?

Jim Freeman
Feb 13, 2009
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Professors Jumping on My Band-Wagon--How Dare They?

www.dark-side-of-the-moon.com
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Nationalize the Banks! We're all Swedes Now By Matthew Richardson and Nouriel Roubini Sunday, February 15, 2009; B03 The U.S. banking system is close to being insolvent, and unless we want to become like Japan in the 1990s -- or the United States in the 1930s -- the only way to save it is nationalization. As free-market economists teaching at a business school in the heart of the world's financial capital, we feel downright blasphemous proposing an all-out government takeover of the banking system. But the U.S. financial system has reached such a dangerous tipping point that little choice remains. And while Treasury Secretary Timothy Geithner's recent plan to save it has many of the right elements, it's basically too late. The subprime mortgage mess alone does not force our hand; the $1.2 trillion it involves is just the beginning of the problem. Another $7 trillion -- including commercial real estate loans, consumer credit-card debt and high-yield bonds and leveraged loans -- is at r…

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