On “This Week” at ABC, Nancy Pelosi raised the dreaded specter of nationalization, which is what Castro did and fellow socialist Truman tried to do. “If we are strengthening [the banks]” with taxpayer TARP investment, she said, “then the American people should get some of the upside of that strengthening. Some people call that nationalization.”
Pelosi backed off, saying it isn’t the same as “total ownership,” but the Times won’t let it go. (Understandably, since they’d floated the topic earlier.) No Obama Administration officials will speak to them on the record, but one unnamed Administration source explains what a “nightmare” it could be for them to assume responsibility for the banks’ unpopular activities such as foreclosures.
Jay Reding takes this as Obama “seriously considering the nationalization of a large swath of the banking industry,” and “Socialism 2.0.″ “Surely [Pelosi] can taste the possibility of a day when government can say ‘nyet’ to any conservative looking to fund a business or purchase a home,” says The Patriot Room.
Nonetheless, with even the Wall Street Journal talking seriously about nationalization, you comrades might want to get ready to move your savings to the People’s National Bank.
This article from the Village Voice Archive was posted on January 26, 2009