WASHINGTON - The White House is standing by the private banking system.
White House press secretary Robert Gibbs was asked Friday about speculation that the Obama administration may seek to nationalize two financial bellwethers, Citigroup Inc. and Bank of America Corp.
Gibbs responded that the administration continues to "strongly believe that a privately held banking system is the correct way to go." Along with that, he said, the government must ensure that banks are sufficiently regulated.....
When a reporter suggested Gibbs could do that by saying that Obama would never nationalize banks, Gibbs would not make that statement, but emphasized: "I think I was very clear about the system that this country has and will continue to have."
Shares of Bank of America , Citigroup and Wells Fargo & Co fell more than 20 percent after Senate Banking Committee Chairman Christopher Dodd said the nationalization of some banks could be needed "at least for a short time," according to a Bloomberg report. Their decline contributed to dragging the major stock indexes lower.
In response, Bank of America spokesman Robert Stickler said "We see no reason to nationalize a bank that is profitable, has strong capital and strong liquidity and is lending actively."
Hmm, well, it sounds good. Yet... I worry about the underlined statement. This gives Obama wiggle room to go back and say, "Well, folks, things have so super, crazy, desperately, doomsday bad that NOW I feel I owe it to the American people to nationalize these capitalistic monsters. It's all their fault, after all.....it will all be temporary. Really. I mean it." Uh huh.
I want hope. I sincerely do. But I'm telling you, mark my words, Obama is going to change his mind on many things, all in the name of saving the country and what is best for the American people. Let government take care of your money, because we have such a great track record. Hey, look at Social Security. The government wants us to save us from ourselves. They know what is best for us. The scary part is, they may be right.
I mean (big tangent alert!) in the past 100 years, look what we have become. We used to be a nation made of people who knew how to live off the land and work hard to get what they had. Nobody handed you nothing. Ayuh.
Now, we are a nation of mostly fat, lazy, clueless slobs . We can't manage money, we don't know history or current events, and the only thing we get worked up about is losing the TV remote. Hey, I'm not totally guiltless here! I lost my power for 12 hours last week, and I was one grouchy lady. It was a traumatic experience!
Then, a few days later, my 5-year-old daughter learns about George Washington in preschool, and the things he didn't have. No electricity. No cars. No TV. No INTERNET. I had a real interesting and thought-provoking discussion about George's lack of things, and we both marveled about how he actually still survived and had a life. Then, I posed this question to my daughter. "What do you think George Washington would think of us? Of our time and our people?" Neither one of us were sure of the answer. I think the technology might...scare him? I really don't know what he would think of our government or people.
What do you think? Would he be proud or disgusted?
14 years ago
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