Sunday, March 8, 2009

To Nationalize or Not to Nationalize

To Nationalize or Not to Nationalize on Bill Moyers Journal blog.

"People talk about nationalization – I just call it restructuring. Restructuring is part of capitalism. That’s how the airlines get restructured when they go through bankruptcy, or how you deal with the auto industry, how you deal with venture capital projects. Do the same thing with the banks... I think the notion of ‘nationalization’ has been a little bit of a PR spin. Restructuring is what you do in capitalist economies to maintain function and continuity. Nationalization evokes the specter of the state seizing the means of production, like Che Guevera is about to take over or something... The government just becomes the stockholder until such time that they sell the stock back to the market and get paid back a little bit for all the lost support that they’re creating for these banks." - economist Robert Johnson

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