SCARBOROUGH: How has John McCain been erotic….erratic.
SCARBOROUGH: That’s what I said.
GIBBS: I’m leaving that first one alone.
BRZEZINSKI: Erratic.” —Obama Spokesman On McCain: We Know ‘Who Is Erratic In A Crisis’
Personally, I’m wondering what the connotation of “bailout” is. Parachuting out of a blown-up plane? Getting bonded out of jail? Emptying water from a leaking boat?
wondering if most people think “bailout” refers to parachutes, leaky boats, or jail
But unlike the United States, whose Treasury has made a proposal to deal with a similar situation, Sweden did not just bail out its financial institutions by having the government take over the bad debts. It also clawed its way back by pugnaciously extracting equity from bank shareholders before the state started writing checks.
That strategy kept banks on the hook while returning profits to taxpayers from the sale of distressed assets by granting warrants that turned the government into an owner. Even the chairman of Sweden’s largest bank got a stern answer to the question of whether the state would really nationalize his bank: Yes, we will.
“If I go into a bank,” Bo Lundgren, Sweden’s finance minister at the time, said, “I’d rather get equity so that there is some upside for the taxpayer.”” —Can the U.S. learn any lessons from Sweden’s banking rescue? - International Herald Tribune
I wonder how long it will be until we finally outgrow the 1950s. Here are two recent examples of Republicans demonizing as “socialism” two proposals which are vastly more centrist than, say, Chavez nationalizing Venezuela’s oil industry. Especially ridiculous is McCain’s comment, since calling Obama’s health plan socialist is like calling a Big Mac a veggie burger since it has a sliced onion on it.
MCCAIN: Well, I want to make sure we’re not handing the health care system over to the federal government which is basically what would ultimately happen with Senator Obama’s health care plan.
Jeb Hensarling, Republican of Texas, said he intended to vote against the package, which he said would put the nation on “the slippery slope to socialism.”
Even the Hanky Panky Bailout plan is weak sauce socialism, since the minimal equity provisions will only give the government warrants on non-voting shares, not control. What’s wrong with how Sweden did it in 1992? If the government doesn’t actually take over these banks then isn’t their chance for surviving much worse?
can anyone else see my recent tweet with the word ess ell yoo tee tee why? It looks like it’s been censored from search.twitter.com
uploading a month of photos to flickr… no, i just picked the good ones this time, really
flickr accomplished @ http://www.flickr.com/photos/alexchaffee/sets/72157607562504190/ . Radical “fewer but better” flixperiment.
Listening to live stream of PoliSciFi Radio: http://tinyurl.com/5h984l — Steve Benen and Bill Simmon wax nerdtastic
PoliSciFinished, now going in search of bratwurst at my housemate’s going-to-Germany BBQ down back (no homo)