IT'S TIME TO NATIONALIZE

I've said it before and I'll say it again: Let's nationalize the failing banks. It's better than socializing their losses with less than transparent programs, which ultimately bails out incredibly stupid decision making on the part of the banks. Here's what the NY Times had to say about where we stand after having some economists and finance experts look at the numbers:

A sober assessment of the growing mountain of losses from bad bets, measured in today’s marketplace, would overwhelm the value of the banks’ assets, they say. The banks, in their view, are insolvent.

It doesn't get much clearer than this. Even after taking on more than $8.8 trillion of new debt because of the mess the banks created they are, according to the article, still like "dead men walking." The only thing keeping them afloat are FDIC guarantees and the American taxpayer. If taxpayers are going to take it on the chin financially (and we will) I want ownership.

And, please, no whining about creeping socialism. When it comes to guaranteeing payouts and profits, we're already there. We just have no control. It's time to grow up and face the facts.

- Mark