Wednesday, February 18, 2009

Swedish Banking First Step Of Nationalizing Into Socialism

And McCain and Graham Leading Republicans Who Agree With Obama

Bank nationalisation gains ground with Republicans
Long regarded in the US as a folly of Europeans, nationalisation is gaining rapid acceptance among Washington opinion-formers – and not just with Alan Greenspan, former Federal Reserve chairman. Perhaps stranger still, many of those talking about nationalising banks are Republicans.

Lindsey Graham, the Republican senator for South Carolina, says that many of his colleagues, including John McCain, the defeated presidential candidate, agree with his view that nationalisation of some banks should be “on the table”.
“You should not get caught up on a word [nationalisation],” he told the Financial Times in an interview. “I would argue that we cannot be ideologically a little bit pregnant. It doesn’t matter what you call it, but we can’t keep on funding these zombie banks [without gaining public control]. That’s what the Japanese did.”

You cannot be ideologically a little bit socialist either. A government that accepts a little socialism, as our government already has, is more willing to accept more and more, arguing that we've always returned to capitalism in the past.

At what point will Congress decide that there is no reason to return to capitalism and retreat from socialism? We may be at that point.