Christopher Whalen, a managing partner
at Institutional Risk Analytics,
said the current approach covers up the underlying reality
that the government is already essentially
the majority shareholder in Citigroup.
"There's nobody else out there to invest in them,"
Whalen said. "We already own them."
American banks have failed to fulfill their primary function, namely to keep the money supply and credit of this Nation and the world flowing.
Having failed that most basic of functions, has brought this country and many foreign markets to their knees. This is wrong on many levels and cannot be tolerated for much longer.
Sweden's solution was to Nationalize their banks. I purpose that America does the same. The general idea is, lead, follow, or get out of the way. When a system ceases to function you need do one of several things, ignore it, repair it, or replace it. I say replace it. Take the monetary system out of the hands of a arrogant, greedy, selfish, irresponsible few and put it in the hands of the stake holders, the American people.
Some would say that is socialism, I say that capital is capital no matter the source and further that when private capital is used, the entity that supplies the most capital controls the vote through its controlling interest expressed in shares.
The banking system has come hat in hand to the American people and have said no matter how much capital you invest, you do not have a say and are not entitled to even know how we use the capital you have supplied. That is totally unacceptable. They should not be rewarded for failure. They should be fired without compensation.
I am beyond sick of the John Thain's that control this Nations economy for their own hubris and greed without regard for the public welfare. It is truly a time for change.
Americans deserve a share proportional to their investment. That is the very heart of capitalism. And the only way to insure that is to Nationalize the banks.
The fact is, "we the people," already own them, we just aren't entitled to anything if they succeed and lose everything if they fail.
"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." —Thomas Jefferson—