Thursday, February 26, 2009

Playing Symantics

Yesterday Fed Chairman Ben Bernanke had this to say about nationalizing banks:
"Nationalization, to my mind, is when government seizes the banks, zeros out the shareholders and begins to manage and run the bank, and we don't plan anything like that."

Some our saying this is proof that the Obama administration is not considering nationalizing some of the major banks which are on the verge of collapse. I however take from this that the Obama administration will be taking control of these banks, but calling it a different name.

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