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Lonnie Hicks

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Nationalizing the big predatory banks--is that a solution? Pros and Cons
By Lonnie Hicks
Posted: Wednesday, September 26, 2012
Last edited: Thursday, October 04, 2012
This short story is rated "G" by the Author.

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Recent stories by Lonnie Hicks
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Lets have a look at the actual experience in the US and in other countries

The big banks in seeking profits, using our money, have destroyed the global economy and will destroy the planet, some say, and recommend the following:

1-Nationalize the banks which has been done over and over again in many countries in history and eliminate the profit motive. Germany did it with its banking system. China did it. India did it. And they don't have a recession like ours. This has been done several times in our own history.

2- We used to have decentralized, non-profit banking system in this country 40 years ago, is it time to go back to local banks investing our money locally rather than large banks gambling in derivatives globally with our money?

3-Why are labor unions sending our money to wall street where it is lost and wall street has given back only 1 percent interest in the last ten years?

4-Why do our cities, municipalities do the same thing?

5- Why do us "depositors" give money to Chase everyday and do not understand that money is being gambled away in minutes and is not there, and in the end we as taxpayers make up for losses Chase has through federal gaurantees and the Federal Reserve giving those banks even more of our money?

If change is recommended exactly how would it work and be implemented?

9/23/12

First didn't we partially nationalize the banks in 2008-2009   when the banks failed? Yes we did in a loss-failure scenario, the American taxpayer stepped in and bailed out the banks-by nationalizing (paying off) their debts.

Here is a Wall Street Journal article in 2009 which tries to head off that idea by claiming we taxpayers would suffer from such nationalizations. That is the con. Then we look at the pros.
 

 Con:

http://blogs.wsj.com/deals/2009/01/21/crisis-qa-what-bank-nationalization-means-for-you/

Pro:
Nationalized Banks in India and the pros of nationalizing.

http://www.nationalizingbanks.com/

The historical perspective:

http://www.time.com/time/magazine/article/0,9171,1881992,00.html

What solutions are or have been proposed?

http://articles.businessinsider.com/2009-02-12/wall_street/30051879_1_toxic-assets-bad-assets-bad-bank

How much in legal bills have cost the taxpayers since the 2008 takeover of Fannie Mae and Freddy Mac?
 

http://dealbook.nytimes.com/2012/09/25/adding-up-the-governments-legal-bills-for-fannie-and-freddie/?src=recg

Tomorrow we come back and evaluate things


 

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Reviewed by Joy Hale 9/30/2012
It is hard to say what is best in the arena of banking these days; a friend of mine said he was going to dig a hole and bury his money in the back yard! Who knows... maybe that is a good decision in light of the banking woes of today.

Joy L. Hale


Books by
Lonnie Hicks



The Gospel According to Lilith: Fantasy (10) free audio chapters) & Videos

Buy Options
Signed copy!
Amazon, more..




Love: Its Wonderments, Sufferings and Consumations (Free Audio Samples-41)

Buy Options
Signed copy!
Kindle, more..




Letters From the Earth: Faint Hopes and Lamentations

Buy Options
Signed copy!
Kindle, Amazon, more..




Politics, Poetry and Love in the Obama Age

Buy Options
Signed copy!
Kindle, more..




The Obama Chronicles: Stories From the Heartland

Buy Options
Signed copy!
Kindle, Amazon, more..




Einstein, Religion, Politics and Literature-461 pps

Buy Options
Signed copy!
Amazon, more..



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