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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Rain Rain Rain
A light rain is falling on Pittsburgh right now. That’s okay. As long as it stays a light rain I can still take my daily walk to the Carnegie Library to exchange my movie tapes for new ones. One of the tapes I watched over the Memorial Day weekend was the movie Wall Street. It sent chills up my back because it was about the insane greed on Wall Street that doesn’t create but destroys.
This is the little review that was on the back of the tape box: “In this riveting behind-the-scenes look at big business in the 1980s, an ambitious young broker (Charlie Sheen) is lured into the illegal, lucrative world of corporate espionage when he is seduced by the power, status and financial wizardry of Wall Street legend Gordon Gekko (Michael Douglas). But he soon discovers that the pursuit of overnight riches comes at a price that’s too high to pay. Daryl Hannah and Martin Sheen co-star in Oliver Stone’s gripping morality tale about the American dream gone wrong.” Man, did it ever. And this film made in the 80s explains perfectly how the fat cats in banking and on Wall Street care about nothing (not the nation-not their stockholders-nothing) but money. Michael Douglas won the Best Actor Oscar for his role and he deserved it. Good films are great entertainment and provide public education.
The movie predicted how Wall Street recently nearly destroyed the economy of the world. And we’re not out of this recession yet…
Money is a wonderful thing. We all need money. We make life decisions based on money. We have to. In Money and the American Writer a young woman must make a decision about her life.
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Filed under: Commentaries | Tagged: American, banking, Best Actor Oscar, broker, business, Carnegie Library, Charlie Sheen, corporate espionage, create, Daryl Hannah, dream, Economy, education, entertainment, fat cats, financial, life, Martin Sheen, Michael Douglas, money, morality, movie, nation, Oliver Stone, Pittsburgh, power, public, rain, recession, review, riches, status, stockholders, tape, wall street, woman, writer | Leave a Comment »