Monday, February 23, 2009


Yet another excellent op-ed piece from Paul Krugman. This one explains why we need to nationalize failing financial institutions, which are now being called Zombie Banks. In a few words he's saying what I've been saying all along: We already own their losses so we might as well make it official.

The other upside to nationalization is that we put the fear of God into shareholders across our economy. With nationalization we're sending the message: Do your jobs and watch what the people with your investments are doing or suffer the consequences; no more socializing the losses, while you privatize profits ... you, know, the way capitalist markets are SUPPOSED to perform.

- Mark

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