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Washington, Wall Street Buzzing About Prospect of Bank Nationalization

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02.21.2009

Cybergal

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Washington, Wall Street Buzzing About Prospect of Bank Nationalization

Washington, Wall Street Buzzing About Prospect of Bank Nationalization
2/21/09

Quote:

Rumors of a plan to nationalize U.S. banks have fueled debate this week in Washington and on Wall Street over how far the Obama administration will go to rescue the financial industry, but lawmakers and economists are divided over whether such takeovers are likely or necessary.
Business consultant Chester Elton told FOX News that nationalizing the banks is safe for the banks' clients because the government can guarantee all the deposits, but isn't an option favored by most Americans, who prefer the competition of the free market.
"I think what people are looking for is a little more oversight," he said. "I don't think they're looking for the national bank intervention where now government really does control so much of your life that you don't have choices when it comes to investments and deposits. I think that's premature."
http://www.foxnews.com/politics/firs...-spark-debate/

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