The incompetence, greed and criminal irresponsibility of the senior leadership of America’s top 20 banks is well established. Many people, including myself, think that nationalization would be just punishment for these robber barons; but here are reasons not to nationalize these banks.
The United States government doesn’t have the personnel to run the banks.
All the private investors (stockholders) in the banks would be wiped out. Many of these investors are middle-class Americans.
Tens of millions of new investors would be very leery of investing in the banks after nationalization and this would further damage the economy and deepen and prolong the recession.
Actually, I’ve changed my mind. Don’t nationalize the banks.
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